19 Jan 2015
USD/CAD consolidates below 1.2000
FXStreet (Córdoba) - USD/CAD is going through a consolidation phase below 1.2000 on Monday, after pulling back from a fresh 6-year high struck at 1.2045 on Friday amid broad USD strength.
As most crosses in the FX market, USD/CAD is taking a breather following sharp moves last week, having spent most of the day in a 30-pip range bounded by 1.1950 on the downside and 1.1980 on the upside.
The pair is currently trading near the upper side of the range at 1.1975, virtually unchanged on the day with only second-tier data on tap. The Bank of Canada meets on Wednesday and is the key event for the loonie this week.
USD/CAD levels to watch
As for technical levels, if USD/CAD breaks decisively above 1.1980, next resistances are seen at 1.2000 (psychological level) and 1.2045 (6-year high Jan 16). On the flip side, supports are seen at 1.1948 (daily low), 1.1913 (10-day SMA) and 1.1900 (psychological level).
As most crosses in the FX market, USD/CAD is taking a breather following sharp moves last week, having spent most of the day in a 30-pip range bounded by 1.1950 on the downside and 1.1980 on the upside.
The pair is currently trading near the upper side of the range at 1.1975, virtually unchanged on the day with only second-tier data on tap. The Bank of Canada meets on Wednesday and is the key event for the loonie this week.
USD/CAD levels to watch
As for technical levels, if USD/CAD breaks decisively above 1.1980, next resistances are seen at 1.2000 (psychological level) and 1.2045 (6-year high Jan 16). On the flip side, supports are seen at 1.1948 (daily low), 1.1913 (10-day SMA) and 1.1900 (psychological level).