29 Apr 2015
USD/CAD breaks below 1.2000
FXStreet (Córdoba) - USD/CAD broke below the 1.2000 mark and fell to its lowest level in 3-months as the dollar continued to weaken on the back of disappointing GDP figures, while the loonie was supported by higher oil prices.
USD/CAD has dropped more than 120 pips from daily highs and having pierced below 1.20, it accelerated to a low of 1.1950 in recent dealings. At time of writing, the pair was trading at 1.1955, recording a 0.64% daily loss, the third in a row. Immediate support area is seen at 1.1935 (Jan 19 & 20 lows).
Still the FOMC decision on monetary policy will drive markets during the American afternoon. No policy changes are expected, but investors will closely scrutinize the statement for clues to the timing the central bank’s plans to begin the hiking cycle.
USD/CAD has dropped more than 120 pips from daily highs and having pierced below 1.20, it accelerated to a low of 1.1950 in recent dealings. At time of writing, the pair was trading at 1.1955, recording a 0.64% daily loss, the third in a row. Immediate support area is seen at 1.1935 (Jan 19 & 20 lows).
Still the FOMC decision on monetary policy will drive markets during the American afternoon. No policy changes are expected, but investors will closely scrutinize the statement for clues to the timing the central bank’s plans to begin the hiking cycle.