USD/CAD flirting with 1.2100

FXStreet (Edinburgh) - The greenback is advancing marginally vs. its Canadian neighbor on Tuesday, pushing USD/CAD to the boundaries of 1.2100 the figure.

USD/CAD eyes on oil, US data

The USD dynamics and the performance of crude oil prices will continue to be the main drivers for the Canadian dollar, against a backdrop of a very light calendar this week, with the only release of relevance being the GDP figures during February (Thursday).

Of note, however, will be today’s update of the domestic economy by Governor S.Poloz and Deputy Governor C.Wilkins before the House of Commons Standing Committee on Finance.

USD/CAD significant levels

At the moment the pair is up 0.06% at 1.2093 with the next resistance at 1.2205 (high Apr.27) followed by 1.2269 (high Apr.23) and then 1.2287 (high Apr.22). On the downside, a break below 1.2088 (low Apr.17) would aim for 1.2062 (low Jan.21).

RBA rate cut expectations continue to get pared back – RBS

Brian Mangwiro, Markets Strategist at RBS, provides an update regarding the market pricing for the RBA rate cut, noting that the probability of easing has dropped to 50% from 80% a fortnight ago, with markets my anticipating a 25bp cut in August.
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EUR/JPY: supported by 50-DMA

The EUR/JPY pair remains well supported by the 50-DMA located at 129.53 as the markets cheer the reshuffling of the Greek debt negotiations by bidding EUR higher.
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