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Trading news
16 Apr 2015
USD/CAD recovers losses to trade above 1.23
FXStreet (Mumbai) - The Canadian dollar is under pressure as Crude prices backed-off from four-month highs. The USD/CAD pair recovered from the low of 1.2249 to trade at 1.2310 levels.
USD/CAD: At three month low
The pair still trades at three-month low, despite a minor recovery seen in the early European session today. The CAD rose sharply, witnessing largest single day gain in almost two months, after the Crude prices rose sharply, while the Bank of Canada (BOC) kept the interest rates unchanged. About a quarter of analysts polled by Bloomberg before the decision had been expecting a rate cut. Hence, the CAD spiked when the BOC did nothing.
Ahead in the day, we have US Trade balance and Housing data due for release. In the meantime, the pair is likely to track the movement in the Crude prices.
USD/CAD Technical Levels
The immediate resistance is seen at 1.2347 (100-DMA), above which gains could be extended to 1.2405 (March 4-5 low). On the flip side, a break below 1.23 could push the pair lower to 1.2249.
USD/CAD: At three month low
The pair still trades at three-month low, despite a minor recovery seen in the early European session today. The CAD rose sharply, witnessing largest single day gain in almost two months, after the Crude prices rose sharply, while the Bank of Canada (BOC) kept the interest rates unchanged. About a quarter of analysts polled by Bloomberg before the decision had been expecting a rate cut. Hence, the CAD spiked when the BOC did nothing.
Ahead in the day, we have US Trade balance and Housing data due for release. In the meantime, the pair is likely to track the movement in the Crude prices.
USD/CAD Technical Levels
The immediate resistance is seen at 1.2347 (100-DMA), above which gains could be extended to 1.2405 (March 4-5 low). On the flip side, a break below 1.23 could push the pair lower to 1.2249.