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25 Feb 2015
USD/CAD finds support around 1.2400
FXStreet (Edinburgh) - The offered tone around the greenback dragged USD/CAD to test the key support at 1.2400 on Wednesday.
USD/CAD eyes on Yellen, data
The pair is extending its weekly decline, retreating for the second consecutive session following the neutral bias in Yellen’s speech on Tuesday and the CAD strength after Governor Poloz speech. A small recovery in crude oil prices today is also collaborating with the better tone around the Canadian dollar.
Ahead in the session, J.Yellen’s second testimony is due followed by US New Home Sales (0.470 M exp. in January) and the weekly report on crude oil inventories by EIA.
USD/CAD levels to consider
The pair is now retreating 0.46% at 1.2437 and a breakdown of 1.2360 (low Feb.17) would aim for 1.2353 (low Feb.3) and finally the psychological handle at 1.12300. On the other hand, the immediate hurdle aligns at 1.2498 (high Feb.27) ahead of 1.2511 (Tenkan Sen) and finally 1.2518 (21-d MA).
USD/CAD eyes on Yellen, data
The pair is extending its weekly decline, retreating for the second consecutive session following the neutral bias in Yellen’s speech on Tuesday and the CAD strength after Governor Poloz speech. A small recovery in crude oil prices today is also collaborating with the better tone around the Canadian dollar.
Ahead in the session, J.Yellen’s second testimony is due followed by US New Home Sales (0.470 M exp. in January) and the weekly report on crude oil inventories by EIA.
USD/CAD levels to consider
The pair is now retreating 0.46% at 1.2437 and a breakdown of 1.2360 (low Feb.17) would aim for 1.2353 (low Feb.3) and finally the psychological handle at 1.12300. On the other hand, the immediate hurdle aligns at 1.2498 (high Feb.27) ahead of 1.2511 (Tenkan Sen) and finally 1.2518 (21-d MA).