Back
23 Feb 2015
USD/CAD choppy below 1.2600
FXStreet (Edinburgh) - After hitting fresh intraday highs beyond 1.2620, USD/CAD is now returning to the 1.2580 area, although still keeping the positive ground.
USD/CAD lower on US results
An initial upbeat tone from the US dollar coupled with the poor performance from the crude oil prices gave extra wings to the pair, regaining the 1.2600 handle and beyond. However, US Existing Home Sales and the Dallas Fed both missing expectations prompted sellers to step in and drag spot back to the current 1.2570/80 area.
Moving forward to Tuesday’s docket, J.Yellen’s testimony before the Congress and Governor S.Poloz’s speech in Ottawa on “Reinventing Central Banking” will be the main events for the pair.
USD/CAD levels to consider
The pair is now advancing 0.30% at 1.2583 with the next hurdle at 1.2646 (high Feb.12) 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 lower on US results
An initial upbeat tone from the US dollar coupled with the poor performance from the crude oil prices gave extra wings to the pair, regaining the 1.2600 handle and beyond. However, US Existing Home Sales and the Dallas Fed both missing expectations prompted sellers to step in and drag spot back to the current 1.2570/80 area.
Moving forward to Tuesday’s docket, J.Yellen’s testimony before the Congress and Governor S.Poloz’s speech in Ottawa on “Reinventing Central Banking” will be the main events for the pair.
USD/CAD levels to consider
The pair is now advancing 0.30% at 1.2583 with the next hurdle at 1.2646 (high Feb.12) 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).