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28 Jan 2015
USD/CAD deflates to 1.2430
FXStreet (Edinburgh) - The US dollar is losing the grip on Wednesday sending USD/CAD back to visit the 1.2430 region.
USD/CAD weaker, eyes on Fed
After hitting fresh multi-year highs around the 1.2500 mark earlier in the week, spot triggered a correction lower that extended to 1.2380 in response to poor Durable Goods Orders in the US economy on Tuesday. In light of the upcoming FOMC meeting this evening in Europe, the pair will remain under pressure as prior surveys regarding the potential tone of the statement remain quite divided”.
“We remain conviction CAD bears from a fundamental perspective—and not just against the USD”, commented Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD significant levels
At the moment the pair is advancing 0.16% at 1.2424 with the initial barrier at 1.2502 (2015 high Jan.27) ahead of 1.2507 (high Apr.21 2009) and then 1.2600 (psychological level). On the downside, a breach of 1.2390 (low Jan.28) would aim for 1.2379 (low Jan.27) and finally 1.2360 (low Jan.23).
USD/CAD weaker, eyes on Fed
After hitting fresh multi-year highs around the 1.2500 mark earlier in the week, spot triggered a correction lower that extended to 1.2380 in response to poor Durable Goods Orders in the US economy on Tuesday. In light of the upcoming FOMC meeting this evening in Europe, the pair will remain under pressure as prior surveys regarding the potential tone of the statement remain quite divided”.
“We remain conviction CAD bears from a fundamental perspective—and not just against the USD”, commented Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD significant levels
At the moment the pair is advancing 0.16% at 1.2424 with the initial barrier at 1.2502 (2015 high Jan.27) ahead of 1.2507 (high Apr.21 2009) and then 1.2600 (psychological level). On the downside, a breach of 1.2390 (low Jan.28) would aim for 1.2379 (low Jan.27) and finally 1.2360 (low Jan.23).