Back
24 Feb 2015
USD/CAD supported at 1.2600
FXStreet (Edinburgh) -The greenback is now losing the grip vs. the Canadian dollar, with USD/CAD coming back from a brief test of the 1.2600 mark.
USD/CAD firmer ahead of Poloz
The pair is trading on the right footing today, advancing around a big-figure since the opening around 1.2560. However, the ascent seems to have run out of fuel in the 1.2660 area, allowing the ongoing correction.
A small recovery in the prices of the crude oil is seeing the barrel of WTI back around the key $50.00 handle, lending some support to the CAD. Ahead in the session, Yellen’s semi-annual testimony and the speech by Governor Poloz will dictate the pair’s price action.
USD/CAD levels to consider
The pair is now advancing 0.34% at 1.2620 with the next hurdle at 1.2665 (high Feb.24) ahead of 1.2697 (high Feb.11) and finally 1.2772 (high Feb.2). On the other hand, a breakdown of 1.2523 (low Feb.23) would target 1.2516 (21-d MA) en route to 1.2500 (psychological level).
USD/CAD firmer ahead of Poloz
The pair is trading on the right footing today, advancing around a big-figure since the opening around 1.2560. However, the ascent seems to have run out of fuel in the 1.2660 area, allowing the ongoing correction.
A small recovery in the prices of the crude oil is seeing the barrel of WTI back around the key $50.00 handle, lending some support to the CAD. Ahead in the session, Yellen’s semi-annual testimony and the speech by Governor Poloz will dictate the pair’s price action.
USD/CAD levels to consider
The pair is now advancing 0.34% at 1.2620 with the next hurdle at 1.2665 (high Feb.24) ahead of 1.2697 (high Feb.11) and finally 1.2772 (high Feb.2). On the other hand, a breakdown of 1.2523 (low Feb.23) would target 1.2516 (21-d MA) en route to 1.2500 (psychological level).