USD/CAD off highs, back to 1.3000

USD/CAD off highs, back to 1.3000
FXStreet (Edinburgh) – After hitting fresh session tops around 1.3050, USD/CAD has now shed part of the daily gains and is now trading back around the 1.3020 area.

USD/CAD weaker after data

The pair has found some decent support in the 1.2980 region during the European morning, managing to rebound to session peaks along with a recovery in the US dollar, although the bull run now seems to have lost some momentum.

Absent releases in Canada, the US docket will be the main guide for the pair’s price action today. Previous data showed Durable Goods Orders expanding more than anticipated 3.4% MoM during June, while the Dallas Fed Manufacturing Business Index is due later (-4 exp.).

USD/CAD key levels

As of writing the pair is retreating 0.29% at 1.3010 and a breach of 1.2978 (low Jul.27) would open the door to 1.2954 (low Jul.23) ahead of 1.2934 (low Jul.22). On the flip side, the next up barrier lines up at 1.3057 (high Jul.27) followed by 1.3103 (high Jul.24).
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USD/CAD off highs, back to 1.3000
Source: FXStreet