16 Feb 2015
USD/CAD in red near 1.2450
FXStreet (Edinburgh) - The Canadian dollar is gathering pace vs. its fellow neighbour on Monday, with USD/CAD currently hovering over the 1.2450 area.
USD/CAD lower on risk sentiment
Markets remain biased towards the risk-on trade at the beginning of the week, extending the mood from last week and supporting the demand for CAD. The Canadian dollar is also deriving extra support following a continuation of the recovery in the crude oil prices, gyrating around the $54.00/Bbl mark so far.
“The US dollar slipped through the 20-day moving average against the Canadian dollar for the first time since last September (~CAD1.2455), and managed to finish just below it on a weekly basis. Initial resistance is seen around CAD1.2525”, suggested analysts at BBH.
USD/CAD key levels
The pair is now losing 0.03% at 1.2456 with the next support at 1.2421 (hourly low Feb.16) followed by 1.2375 (low Feb.6) and then 1.2353 (low Feb.3). On the flip side, a breakout of 1.2536 (Kijun Sen) would aim for 1.2600 (psychological level) and finally 1.2646 (high Feb.12).
USD/CAD lower on risk sentiment
Markets remain biased towards the risk-on trade at the beginning of the week, extending the mood from last week and supporting the demand for CAD. The Canadian dollar is also deriving extra support following a continuation of the recovery in the crude oil prices, gyrating around the $54.00/Bbl mark so far.
“The US dollar slipped through the 20-day moving average against the Canadian dollar for the first time since last September (~CAD1.2455), and managed to finish just below it on a weekly basis. Initial resistance is seen around CAD1.2525”, suggested analysts at BBH.
USD/CAD key levels
The pair is now losing 0.03% at 1.2456 with the next support at 1.2421 (hourly low Feb.16) followed by 1.2375 (low Feb.6) and then 1.2353 (low Feb.3). On the flip side, a breakout of 1.2536 (Kijun Sen) would aim for 1.2600 (psychological level) and finally 1.2646 (high Feb.12).