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19 Mar 2015
USD/CAD regains 1.2700 and beyond
FXStreet (Edinburgh) - After dipping to the 1.2450 area after the FOMC meeting on Wednesday, USD/CAD is now advancing beyond the 1.2700 handle.
USD/CAD boosted by the dollar
The strong bid tone surrounding the greenback on Thursday is rapidly lifting spot back to session highs in the vicinity of 1.2720, while market participants seem to have already digested Yellen’s tone.
In the data space, US Initial Claims came practically in line with consensus at 291K in the week ended on March 13th while the Current Account deficit widened to $113.5 billion during the fourth quarter.
USD/CAD levels to consider
The pair is now advancing 1.245 at 1.2720 with the next resistance at 1.2750 (low Mar.17) ahead of 1.2800 (psychological level) and then 1.2835 (2015 high Mar.18). On the flip side, a breach of 1.2507 (low Mar.19) would open the door to 1.2449 (low Mar.18) and finally 1.2431 (cloud top).
USD/CAD boosted by the dollar
The strong bid tone surrounding the greenback on Thursday is rapidly lifting spot back to session highs in the vicinity of 1.2720, while market participants seem to have already digested Yellen’s tone.
In the data space, US Initial Claims came practically in line with consensus at 291K in the week ended on March 13th while the Current Account deficit widened to $113.5 billion during the fourth quarter.
USD/CAD levels to consider
The pair is now advancing 1.245 at 1.2720 with the next resistance at 1.2750 (low Mar.17) ahead of 1.2800 (psychological level) and then 1.2835 (2015 high Mar.18). On the flip side, a breach of 1.2507 (low Mar.19) would open the door to 1.2449 (low Mar.18) and finally 1.2431 (cloud top).