16 Jan 2015
USD/CAD extends the correction to 1.1970
FXStreet (Edinburgh) - USD/CAD has given away around 80 pips since today’s fresh multi-year tops in the mid-1.2000s, helped by a renewed offered tone surrounding the greenback.
USD/CAD eyes on the BoC
Next week will be very interesting for the Canadian dollar, with the main highlight being the BoC monetary policy meeting on Wednesday followed by the press conference by Governor S.Poloz, all preceding the release of the inflation figures on Friday. Amidst the ongoing sharp decline in oil prices, market participants will be eager to listen to the BoC, as crude oil prices remains a crucial driver for the CAD.
“A close above 1.20 today, opens up a test to 1.21; a failure to do so, opens up a test back down to 1.18”, suggested analysts at Scotiabank.
USD/CAD relevant levels
At the moment the pair is up 0.11% at 1.1977 facing the next resistance at 1.2070 (low Apr.24 2009) and then 1.2100 (psychological level). On the downside, a breach of 1.1873 (Tenkan Sen) would open the door to 1.1836 (low Jan.9) and finally 1.1803 (low Jan.15).
USD/CAD eyes on the BoC
Next week will be very interesting for the Canadian dollar, with the main highlight being the BoC monetary policy meeting on Wednesday followed by the press conference by Governor S.Poloz, all preceding the release of the inflation figures on Friday. Amidst the ongoing sharp decline in oil prices, market participants will be eager to listen to the BoC, as crude oil prices remains a crucial driver for the CAD.
“A close above 1.20 today, opens up a test to 1.21; a failure to do so, opens up a test back down to 1.18”, suggested analysts at Scotiabank.
USD/CAD relevant levels
At the moment the pair is up 0.11% at 1.1977 facing the next resistance at 1.2070 (low Apr.24 2009) and then 1.2100 (psychological level). On the downside, a breach of 1.1873 (Tenkan Sen) would open the door to 1.1836 (low Jan.9) and finally 1.1803 (low Jan.15).