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USD/CAD treads water, US data, BOC Poloz speech eyed
FXStreet (Mumbai) - The US dollar extends its side trend versus its Canadian rival in the European session, keeping USD/CAD near session lows, as the greenback remains undermined following yesterday’s weak data releases.
USD/CAD flattish around 1.2133
Currently, the USD/CAD trades lower by -0.09% at 1.2132, recovering somewhat from fresh weekly lows at 1.2112. The USD/CAD pair remains pressured largely on broad USD weakness as the US dollar remains weak following tepid US housing and jobs data released in the US last session.
Moreover, a solid pull back in crude prices yesterday to USD 58/ also boosted the Canadian dollar, dragging USD/CAD lower.
Later in the New York session, we have US durables goods orders data followed by BOC Governor Poloz speech in Washington which may have major impact on the USD/CAD pair.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2200 levels and above which it could extend gains 1.2244 levels. To the downside immediate support might be located at 1.2110 levels, below that at 1.2084 levels.