Forex Marketz Daily Forex News – Fully Markets Update
USD/CAD: Bulls face key hurdle at 1.3050
FXStreet (Mumbai) – USD/CAD surrendered gains and edged lower in the European session, failing once again to breach the key 1.3050 resistance levels.
USD/CAD supported above 1.30 handle
Currently, the USD/CAD pair trades -0.09% lower at 1.3025, having posted day’s high at 1.3050 and day’s low at 1.3017. The Canadian dollar fought back lost ground somewhat versus the US dollar after once again testing fresh six-year lows earlier today.
The loonie remains underpinned on higher oil prices, despite absolute US dollar dominance today as markets continue to digest stronger than expected Canadian retail sales data released in the last North American session.
Meanwhile, the pair is likely to get influenced by the upcoming macro releases from the US to be reported later in the day.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.3050 (Today’s High) levels and above which it could extend gains to 1.3080. To the downside, immediate support might be located at 1.2946 (July 23 Low) levels and below that at 1.2914 (July 21 Low).
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USD/CAD: Bulls face key hurdle at 1.3050
Source: FXStreet
