18 Jun 2015
USD/CAD recovers from 1-month low
FXStreet (Córdoba) - The greenback managed to trim some of its daily losses against the loonie, as the Canadian currency weakened in sync with oil prices.
USD/CAD found support after hitting a 1-month low of 1.2127 and cut more than half of its early losses. However, the dollar has lacked momentum to regain the 1.2200 level and it is currently trading at 1.2185, still 0.32% below its opening price.
The dollar came under pressure on Wednesday following FOMC decision to leave policy unchanged and Yellen speech, which was understood as dovish by markets.
On the data front, below expectations US consumer prices figures fueled the selling interest at the beginning of the session offsetting otherwise optimistic jobless claims. There were no major releases in Canada.
USD/CAD levels to watch
As for technical levels, immediate resistances are seen at 1.2200 (psychological level), 1.2238 (Jun18 high) and 1.2305 (10-day SMA). On the flip side, supports could be found at 1.2127 (Jun 18 low), 1.2100 (psychological level) and 1.2066 (May 15 high).
USD/CAD found support after hitting a 1-month low of 1.2127 and cut more than half of its early losses. However, the dollar has lacked momentum to regain the 1.2200 level and it is currently trading at 1.2185, still 0.32% below its opening price.
The dollar came under pressure on Wednesday following FOMC decision to leave policy unchanged and Yellen speech, which was understood as dovish by markets.
On the data front, below expectations US consumer prices figures fueled the selling interest at the beginning of the session offsetting otherwise optimistic jobless claims. There were no major releases in Canada.
USD/CAD levels to watch
As for technical levels, immediate resistances are seen at 1.2200 (psychological level), 1.2238 (Jun18 high) and 1.2305 (10-day SMA). On the flip side, supports could be found at 1.2127 (Jun 18 low), 1.2100 (psychological level) and 1.2066 (May 15 high).