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18 Mar 2015
USD/CAD clinches highs near 1.2840
FXStreet (Edinburgh) - The Canadian dollar keeps losing ground vs. its neighbor on Wednesday, pushing USD/CAD to fresh multi year highs around 1.2840.
USD/CAD attention to the FOMC
The persistent downside in crude oil prices continue to hit the CAD today, adding to the pair’s upside amidst a mixed tone in the greenback in the G10 space. Nothing of note in the data front, with Canadian Wholesale Sales dropping 3.1% MoM during January, sharply lower than December’s 2.8% gain.
Ahead in the day, the FOMC meeting will set the tone for the US dollar. Prior surveys point to a favorable tone for the greenback from the Committee, leaving the door open for further upside.
USD/CAD relevant levels
The pair is now up 0.13% at 1.2806 with the next resistance at 1.2845 (high mar 13 2009) ahead of 1.2900 (psychological level) and finally 1.2955 (high Mar.12 2009). On the downside, a breakdown of 1.2750 (low Mar.17) would expose 1.2735 (low Mar.16) and then 1.2681 (low Mar.13).
USD/CAD attention to the FOMC
The persistent downside in crude oil prices continue to hit the CAD today, adding to the pair’s upside amidst a mixed tone in the greenback in the G10 space. Nothing of note in the data front, with Canadian Wholesale Sales dropping 3.1% MoM during January, sharply lower than December’s 2.8% gain.
Ahead in the day, the FOMC meeting will set the tone for the US dollar. Prior surveys point to a favorable tone for the greenback from the Committee, leaving the door open for further upside.
USD/CAD relevant levels
The pair is now up 0.13% at 1.2806 with the next resistance at 1.2845 (high mar 13 2009) ahead of 1.2900 (psychological level) and finally 1.2955 (high Mar.12 2009). On the downside, a breakdown of 1.2750 (low Mar.17) would expose 1.2735 (low Mar.16) and then 1.2681 (low Mar.13).