FxWirePro: USD/CAD recovers from 1.2979 low, weak oil restricts CAD gains
Monday, July 27, 2015 10:29 AM UTC
- USD/CAD has recovered from the day's low of 1.2979 and is currently trading at 1.2990
- Broad based USD weakness on poor data (Fri) and rise in Gold prices pushed the pair lower
- Weakness seen in WTI crude restricting gains in the CAD and capped the downside
- However further losses in Crude during the day may hurt the CAD, and pair could extend higher
- Immediate support is seen at 1.2980 (hourly 200-MA), while resistance on the flip side is located at 1.3038 (daily high)
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