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16 Apr 2014
USD/CAD keeps pushing higher
FXStreet (Edinburgh) - The USD/CAD intensifies its intraday correction higher on Wednesday, currently trading in levels just shy of the 1.1040 level.
USD/CAD firmer after BoC
It is worth recalling that the BoC left the benchmark rate unchanged at 1.0% in today’s meeting. In addition, Governor Poloz did not ruled out further rate cuts as the central bank remains concerned about inflation levels. “Unless there is an unexpected acceleration underlying Canadian inflation, look for USD/CAD to be pressured higher as the BoC will likely lag the Fed in any policy tightening”, commented Amber Rabinov, Strategist at ANZ (London).
USD/CAD levels to consider
At the moment the pair is up 0.34% at 1.1016 with the next resistance at 1.1019 (38.2% of 1.1279-1.0858) followed by 1.1056 (daily cloud top) and then 1.1061 (30-d MA). On the flip side, a breakdown of 1.0919 (low Apr.11) would expose 1.0907 (daily cloud base) and finally 1.0868 (low Apr.10).
USD/CAD firmer after BoC
It is worth recalling that the BoC left the benchmark rate unchanged at 1.0% in today’s meeting. In addition, Governor Poloz did not ruled out further rate cuts as the central bank remains concerned about inflation levels. “Unless there is an unexpected acceleration underlying Canadian inflation, look for USD/CAD to be pressured higher as the BoC will likely lag the Fed in any policy tightening”, commented Amber Rabinov, Strategist at ANZ (London).
USD/CAD levels to consider
At the moment the pair is up 0.34% at 1.1016 with the next resistance at 1.1019 (38.2% of 1.1279-1.0858) followed by 1.1056 (daily cloud top) and then 1.1061 (30-d MA). On the flip side, a breakdown of 1.0919 (low Apr.11) would expose 1.0907 (daily cloud base) and finally 1.0868 (low Apr.10).