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2 Dec 2014
All eyes on Crude and BoC – TDS
FXStreet (Barcelona) - The TDS Research Team notes that USD/CAD might trade in a narrower range ahead of the BoC meeting tomorrow, with CAD currently trading softly alongside crude.
Key Quotes
“After last week's tumultuous end, the CAD had its moment of revenge yesterday. Funds marched lower as the CAD tracked the increase in crude oil prices in lockstep and the USD struggled against most currencies in an environment that was decisively hostile to the big dollar. Essentially, funds gave back its gains from Friday in a similar fashion as WTI erased its Friday loses.”
“Today, crude oil is trading softer, and so is the CAD. USDCAD has bounced higher into the 1.1360s as a result. With no domestic data in the horizon, price action today will follow the lead of commodities and the USD more broadly.”
“We expect to see support in the low 1.13s and resistance first arising around 1.14 the figure, as the market might sit content trading on a narrower range ahead of the BoC meeting tomorrow.”
Key Quotes
“After last week's tumultuous end, the CAD had its moment of revenge yesterday. Funds marched lower as the CAD tracked the increase in crude oil prices in lockstep and the USD struggled against most currencies in an environment that was decisively hostile to the big dollar. Essentially, funds gave back its gains from Friday in a similar fashion as WTI erased its Friday loses.”
“Today, crude oil is trading softer, and so is the CAD. USDCAD has bounced higher into the 1.1360s as a result. With no domestic data in the horizon, price action today will follow the lead of commodities and the USD more broadly.”
“We expect to see support in the low 1.13s and resistance first arising around 1.14 the figure, as the market might sit content trading on a narrower range ahead of the BoC meeting tomorrow.”