23 Mar 2015
USD/CAD grinding lower to 1.2500
FXStreet (Edinburgh) - The greenback now intensifies its offered tone vs. its Canadian counterpart, dragging USD/CAD to challenge the 1.2500 critical support.
USD/CAD focus on US data, BoC
Market participants keep unwinding USD long positions along with a re-pricing of the potential timing of the Fed’s first rate hike, where the September meeting now emerges as the most favourable candidate.
It will be a key week for the US dollar in terms of data releases, with inflation figures measured by the CPI and Markit’s manufacturing PMI due tomorrow. On the Canadian side, the speech by Governor S.Poloz will be the most relevant event for the CAD this week.
USD/CAD important levels
At the moment the pair is losing 0.39% at 1.2502 and a breakdown of 1.2449 (low Mar.18) would expose 1.2419 (cloud top) and finally 1.2400 (psychological level). On the upside, the next hurdle lines up at 1.2595 (21-d MA) followed by 1.2598 (Kijun Sen) and then 1.2615 (high Mar.23).
USD/CAD focus on US data, BoC
Market participants keep unwinding USD long positions along with a re-pricing of the potential timing of the Fed’s first rate hike, where the September meeting now emerges as the most favourable candidate.
It will be a key week for the US dollar in terms of data releases, with inflation figures measured by the CPI and Markit’s manufacturing PMI due tomorrow. On the Canadian side, the speech by Governor S.Poloz will be the most relevant event for the CAD this week.
USD/CAD important levels
At the moment the pair is losing 0.39% at 1.2502 and a breakdown of 1.2449 (low Mar.18) would expose 1.2419 (cloud top) and finally 1.2400 (psychological level). On the upside, the next hurdle lines up at 1.2595 (21-d MA) followed by 1.2598 (Kijun Sen) and then 1.2615 (high Mar.23).