- USDCAD retreated marginally on Friday after failing to sustain above 1.2600.
- Ranged and Limited Markets Before US Data
The USD / CAD pair remained on the defensive during the first half of the European session. The pullback found support around 1.2565 and is approaching 1.2590.
After failing to sustain above 1.2600, USD / CAD fell back and eroded a portion of Thursday’s strong gains, when it hit nearly three-month highs. A subdued demand for the US dollar was seen as a key factor acting as a headwind. Apart from this, a nice rally in oil prices supported the loonie.
Market participants are now looking forward to US data, most notably the June retail sales report. Then there will be consumer confidence data.
The other focus, in addition to what happens with the equity markets, will be in the bond market. The bond rally continues and if there are changes here, a rise in yields could give support to the dollar.
Technical levels
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