USD/CAD bounces off 1.2960

USD/CAD bounces off 1.2960
FXStreet (Edinburgh) – The greenback continues to depreciate vs. its Canadian peer on Thursday, pushing USD/CAD to session lows in the 1.2960 area.

USD/CAD weaker on USD drop

A generalized softer tone in the US dollar is weighing on the pair so far, prompting sellers to step in and drag spot well below the 1.3000 mark after reaching tops near 1.3050 overnight.

Ahead in the session, the pair will remain under pressure ahead of US Initial Claims (280K exp.) and Canadian Retail Sales (0.5% exp.). In addition, CAD will closely follow the performance of crude oil prices, which trade around $49.20 per barrel at the time of writing.

USD/CAD key levels

As of writing the pair is retreating 0.45% at 1.2972 with the immediate support at 1.2954 (low Jul.23) ahead of 1.2934 (low Jul.22) and then 1.2905 (low Jul.16). On the flip side, a breakout of 1.12994 (high Jul.22) would aim for 1.3012 (high Jul.21) and then 1.3049 (high Jul.23).
For more information, read our latest forex news.
USD/CAD bounces off 1.2960
Source: FXStreet