16 Jan 2015
USD/CAD climbs back toward 1.2000
FXStreet (Córdoba) - USD/CAD climbed back to the upper 1.19's on Friday, after Thursday turbulence sent the pair to the 1.1800 zone as the loonie tracked oil recovery.
However, the US dollar managed to take back losses and, having risen nearly 200 pips over the last sessions, it reached a high of 1.1996 in recent dealings. However, the dollar lacked determination to break above 1.2000 and pulled back slightly to currently trade at 1.1990, 0.29% above its opening price.
On the data front, December consumer inflation figures, industrial production data and the Reuters/Michigan consumer sentiment index are on tap. No data is scheduled in Canada.
USD/CAD levels to watch
As for technical levels, if USD/CAD breaks decisively above 1.2000, next resistances are seen at 1.2016 (6-year high Jan 14) and 1.2048 (Apr 30 2009 high). On the flip side, supports could be found at 1.1948 (daily low), 1.1925 (Jan 13 low) and 1.1900 (psychological level/Jan 15 low).
However, the US dollar managed to take back losses and, having risen nearly 200 pips over the last sessions, it reached a high of 1.1996 in recent dealings. However, the dollar lacked determination to break above 1.2000 and pulled back slightly to currently trade at 1.1990, 0.29% above its opening price.
On the data front, December consumer inflation figures, industrial production data and the Reuters/Michigan consumer sentiment index are on tap. No data is scheduled in Canada.
USD/CAD levels to watch
As for technical levels, if USD/CAD breaks decisively above 1.2000, next resistances are seen at 1.2016 (6-year high Jan 14) and 1.2048 (Apr 30 2009 high). On the flip side, supports could be found at 1.1948 (daily low), 1.1925 (Jan 13 low) and 1.1900 (psychological level/Jan 15 low).