8 Apr 2015
USD/CAD in highs near 1.2550
FXStreet (Edinburgh) - The greenback is picking up pace vs. its Canadian peer on Wednesday, lifting USD/CAD to the mid-1.25s, or session highs.
USD/CAD stronger after FOMC minutes
The pair is looking to consolidate the recent break above the 1.2500 handle bolstered by the unexpected hawkish tone from today’s FOMC minutes. The demand for the USD intensified after some members of the Committee voted for a rates lift-off in June while others favoured a hike later in the year. Fed members also saw risks on the economic outlook and the jobs markets as balanced, and lowered the GDP forecast based on USD strength.
USD/CAD levels to watch
At the moment the pair is advancing 0.36% at 1.2551 with the next resistance at 1.2574 (high Apr.3) followed by 1.2600 (psychological level). On the downside, a break below 1.2468 (low Mar.27) would open the door to 1.2455 (low Apr.7) and finally 1.2430 (low Apr.3).
USD/CAD stronger after FOMC minutes
The pair is looking to consolidate the recent break above the 1.2500 handle bolstered by the unexpected hawkish tone from today’s FOMC minutes. The demand for the USD intensified after some members of the Committee voted for a rates lift-off in June while others favoured a hike later in the year. Fed members also saw risks on the economic outlook and the jobs markets as balanced, and lowered the GDP forecast based on USD strength.
USD/CAD levels to watch
At the moment the pair is advancing 0.36% at 1.2551 with the next resistance at 1.2574 (high Apr.3) followed by 1.2600 (psychological level). On the downside, a break below 1.2468 (low Mar.27) would open the door to 1.2455 (low Apr.7) and finally 1.2430 (low Apr.3).