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14 May 2015
USD/CAD recovery halted at 1.2000
FXStreet (Edinburgh) - The US dollar recovery vs. its Canadian neighbour is running out of steam now, with USD/CAD returning from the 1.2000 area.
USD/CAD firmer post-US releases
The pair has managed to revert the initial weakness, rebounding from daily lows near 1.1920 to the boundaries of the psychological mark at 1.2000, where the upside momentum failed to sustain a more convincing breakout.
Positive data from the US Initial Claims gave much-needed oxygen to the greenback and allowed the mentioned bounce, albeit another close in red figures seems almost unavoidable so far. Next on tap will be the speech by BoC’s Deputy Governor Lynn Patterson on ‘Fine-Tunning the Framework for the Bank’s Market Operations’.
USD/CAD levels to watch
At the moment the pair is gaining 0.25% at 1.1988 with the next hurdle at 1.2028 (high May 13) ahead of 1.2107 (high May 12) and then 1.2128 (21-d MA). On the other hand, a breakdown of 1.1918 (low May 14) would open the door to 1.1900 (psychological level) and then 1.1836 (low Jan.12).
USD/CAD firmer post-US releases
The pair has managed to revert the initial weakness, rebounding from daily lows near 1.1920 to the boundaries of the psychological mark at 1.2000, where the upside momentum failed to sustain a more convincing breakout.
Positive data from the US Initial Claims gave much-needed oxygen to the greenback and allowed the mentioned bounce, albeit another close in red figures seems almost unavoidable so far. Next on tap will be the speech by BoC’s Deputy Governor Lynn Patterson on ‘Fine-Tunning the Framework for the Bank’s Market Operations’.
USD/CAD levels to watch
At the moment the pair is gaining 0.25% at 1.1988 with the next hurdle at 1.2028 (high May 13) ahead of 1.2107 (high May 12) and then 1.2128 (21-d MA). On the other hand, a breakdown of 1.1918 (low May 14) would open the door to 1.1900 (psychological level) and then 1.1836 (low Jan.12).