Swing -> break
USD/CAD defends 1.2600 amid downbeat oil prices, sluggish markets. USD/CAD holds onto the previous day’s recovery from a fortnight low while picking up bids to 1.2617 during Wednesday’s Asian session.
=> Moving on, US employment-related data and ISM Manufacturing PMI for August will be important for the near-term market direction ahead of Friday’s jobs report.
+ The USD/CAD currency pair tested the support level at 1.2581 during Monday's trading session. However, if the currency exchange rate fails to break the support level at 1.2575 - 1.2550, a brief pullback towards the 1.2650 or 1.2710 could be expected. This support line become crucial levels to watch, bears keep reins past 1.2550, odds of a further downturn towards July 30 lows near 1.2420 can’t be ruled out.
+ On the contrary, the corrective pullback will have to cross Friday’s top surrounding 1.2710 to convince buyers for another battle with a six-week-old horizontal resistance near 1.2810 and further away 1.2880.
=> Moving on, US employment-related data and ISM Manufacturing PMI for August will be important for the near-term market direction ahead of Friday’s jobs report.
+ The USD/CAD currency pair tested the support level at 1.2581 during Monday's trading session. However, if the currency exchange rate fails to break the support level at 1.2575 - 1.2550, a brief pullback towards the 1.2650 or 1.2710 could be expected. This support line become crucial levels to watch, bears keep reins past 1.2550, odds of a further downturn towards July 30 lows near 1.2420 can’t be ruled out.
+ On the contrary, the corrective pullback will have to cross Friday’s top surrounding 1.2710 to convince buyers for another battle with a six-week-old horizontal resistance near 1.2810 and further away 1.2880.
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