USD/CAD – Holds Lows Amidst Higher Oil, Greenback Strength Supports

The USD/CAD pair modestly closing at 1.3555 in New York from yesterday’s 1.3575. A rise in Crude Oil prices as well as a steady risk appetite buoyed the Canadian Loonie. Overnight range for the pair was between 1.35048 and 1.36230. The stronger than expected US Retail Sales report lifted Greenback off its lows against the Loonie at 1.35048. Today sees the release of Canada’s CPI reports which are forecast higher in May than April. Traders will continue to monitor news events likely to influence risk appetite.

LIVECHARTS USDCAD - 1H - 17 June 2020
LIVECHARTS USD/CAD – 1H – 17 June 2020

USD/CAD has immediate resistance at 1.3570 followed by 1.3610 and 1.3640. Immediate support can be found at 1.3530 and 1.3500. The latest Commitment of Traders report saw speculators trim their Canadian Dollar short bets to -CAD24,829 contracts from -CAD 37,128. Look for consolidation today between a likely 1.3520-1.3670 range. Prefer to buy USD/CAD dips.

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