11 Feb 2015
USD/CAD keeps pushing higher, eyes 1.2700
FXStreet (Edinburgh) - The Canadian dollar is now accelerating its depreciation vs. its American counterpart, lifting USD/CAD to test the upper-1.2600s.
USD/CAD weaker on oil, BoC
Crude oil prices are now intensifying its correction lower, extending the pullback below the $50.00 mark and prolonging the punishment to the CAD. Today’s drop in oil prices adds to Tuesday’s dovish appreciations by BoC Deputy Governor C.Wilkins, leaving the door open for further easing in the Canadian economy.
From the technical perspective, Chief FX Strategist at TD Securities Shaun Osborne commented “The underlying trend here remains constructive and the positive, short-term signals are aligning with the bigger picture message here once again”.
USD/CAD levels to consider
At the moment the pair is gaining 0.52% at 1.2640 with the next resistance at 1.2700 (psychological level) ahead of 1.2772 (high Feb.2) and finally 1.2799 (2015 high Jan.30). On the other hand, a breach of 1.2428 (low Feb.9) would open the door to 1.2394 (low Feb.5) followed by 1.2390 (low Feb.4).
USD/CAD weaker on oil, BoC
Crude oil prices are now intensifying its correction lower, extending the pullback below the $50.00 mark and prolonging the punishment to the CAD. Today’s drop in oil prices adds to Tuesday’s dovish appreciations by BoC Deputy Governor C.Wilkins, leaving the door open for further easing in the Canadian economy.
From the technical perspective, Chief FX Strategist at TD Securities Shaun Osborne commented “The underlying trend here remains constructive and the positive, short-term signals are aligning with the bigger picture message here once again”.
USD/CAD levels to consider
At the moment the pair is gaining 0.52% at 1.2640 with the next resistance at 1.2700 (psychological level) ahead of 1.2772 (high Feb.2) and finally 1.2799 (2015 high Jan.30). On the other hand, a breach of 1.2428 (low Feb.9) would open the door to 1.2394 (low Feb.5) followed by 1.2390 (low Feb.4).