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20 May 2015
USD/CAD off highs, back to 1.12240
FXStreet (Edinburgh) - The greenback continues to advance vs. its Canadian neighbour on Wednesday, with USD/CAD now easing to the 1.2240/35 band.
USD/CAD focus on FOMC
The pair is looking to consolidate yesterday’s break above the psychological 1.2200 handle ahead of the key FOMC minutes due in the European evening. Spot felt supported following Tuesday’s neutral tone from the speech by Governor S.Poloz, who continues to expect the domestic economy to gather pace in the second half of the year, albeit the effects of lower energy prices could take longer to emerge.
In the meantime, the pair is advancing for the fifth consecutive session today prompting markets to believe that a significant low has taken place at 1.1900.
USD/CAD levels to watch
As of writing the pair is up 0.01% at 1.2235 and a breakout of 1.2269 (high Apr.23) would target 1.2287 (high Apr.22) en route to 1.2305 (high Apr.21). On the flip side, the immediate support aligns at 1.2216 (low May 20) ahead of 1.2130 (low May 19) and followed by 1.2000 (psychological level).
USD/CAD focus on FOMC
The pair is looking to consolidate yesterday’s break above the psychological 1.2200 handle ahead of the key FOMC minutes due in the European evening. Spot felt supported following Tuesday’s neutral tone from the speech by Governor S.Poloz, who continues to expect the domestic economy to gather pace in the second half of the year, albeit the effects of lower energy prices could take longer to emerge.
In the meantime, the pair is advancing for the fifth consecutive session today prompting markets to believe that a significant low has taken place at 1.1900.
USD/CAD levels to watch
As of writing the pair is up 0.01% at 1.2235 and a breakout of 1.2269 (high Apr.23) would target 1.2287 (high Apr.22) en route to 1.2305 (high Apr.21). On the flip side, the immediate support aligns at 1.2216 (low May 20) ahead of 1.2130 (low May 19) and followed by 1.2000 (psychological level).