USD/CAD reverses and drops to fresh 3-month lows

By FXStreet FXStreet (Córdoba) – The Canadian dollar is among the top performers on Thursday and against the US dollar recently reached the strongest level since July.

USD/CAD rose from 1.2865 after the release of US inflation data and hit 1.2948 but the recovery was short-lived and resumed the decline. It broke below previous lows and bottomed at 1.2844, the lowest in three months.

Currently it trades at 1.2855/60, down 0.60% for the day. The loonie is up despite the decline in crude oil prices. Currently the WTI barrel trades at $45.90 after rebounding from $45.20, the lowest in two weeks.

USD/CAD technical levels

The pair is consolidating below the 1.2900 handle that during the last three months was an important area. The next relevant support might lie at 1.2820 followed by 1.2770. On the opposite direction, it the US dollar manages to recover above 1.2900 it could remove some bearish pressure; above resistance levels might be seen at 1.2950 and 1.3060.
For more information, read our latest forex news. …read more

Source:: FX Street