23 Mar 2015
USD/CAD drops to lows near 1.2540
FXStreet (Edinburgh) - The dollar keeps depreciating vs. the riskier assets on Monday, now dragging USD/CAD to levels around 1.2540.
USD/CAD attention to US docket
The pair is extending the leg lower from recent multi-year peaks in the 1.2830 region last week, following the renewed selling interest around the US dollar. Extreme USD long positioning could be behind the exaggerated sell off since the FOMC meeting, although this is apparently viewed as a temporary correction ahead of further upside.
Next of note in the data front will be US Existing Home Sales and the Chicago Fed National Activity index. BoC’s S.Poloz is due to speech on Thursday, grabbing all the attention for CAD traders.
USD/CAD important levels
At the moment the pair is losing 0.06% at 1.2545 and a breakdown of 1.2536 (low Mar.23) would expose 1.2507 (low Mar.19) and finally 1.2449 (low Mar.18). On the upside, the next hurdle lines up at 1.2724 (high Mar.20) followed by 1.2757 (high Mar.19) and then 1.2800 (psychological level).
USD/CAD attention to US docket
The pair is extending the leg lower from recent multi-year peaks in the 1.2830 region last week, following the renewed selling interest around the US dollar. Extreme USD long positioning could be behind the exaggerated sell off since the FOMC meeting, although this is apparently viewed as a temporary correction ahead of further upside.
Next of note in the data front will be US Existing Home Sales and the Chicago Fed National Activity index. BoC’s S.Poloz is due to speech on Thursday, grabbing all the attention for CAD traders.
USD/CAD important levels
At the moment the pair is losing 0.06% at 1.2545 and a breakdown of 1.2536 (low Mar.23) would expose 1.2507 (low Mar.19) and finally 1.2449 (low Mar.18). On the upside, the next hurdle lines up at 1.2724 (high Mar.20) followed by 1.2757 (high Mar.19) and then 1.2800 (psychological level).