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22 Jan 2015
USD/CAD eases from 1.2400
FXStreet (Edinburgh) - The Canadian dollar remains on the defensive camp vs. the greenback today, with USD/CAD returning to the 1.2385/80 band after surpassing the 1.2400 handle.
USD/CAD in fresh multi-year tops
The pair is consolidating yesterday’s upside following the mega-dovish tone by Governor S.Poloz, after the BoC surprised everybody by cutting the refi rate 25 bps to 0.75%. As market participants continue to digest the move, the pair is looking to cement the ascent around 1.2390/1.2400, backed as well by the solid USD performance.
What’s coming in Canada tomorrow are the critical inflation figures during December (CPI expected at 1.5% YoY) followed by Retail Sales, with headline sales expected to have contracted 0.2% on a monthly basis.
USD/CAD relevant levels
At the moment the pair is up 0.44% at 1.2390 facing the next resistance at 1.2404 (2015 high Jan.22) followed by 1.2507 (high Apr.21 2009) and then 1.2600 (psychological level). On the downside, a break below 1.2325 (low Jan.22) would target 1.2200 (psychological level) en route to 1.2112 (Tenkan Sen).
USD/CAD in fresh multi-year tops
The pair is consolidating yesterday’s upside following the mega-dovish tone by Governor S.Poloz, after the BoC surprised everybody by cutting the refi rate 25 bps to 0.75%. As market participants continue to digest the move, the pair is looking to cement the ascent around 1.2390/1.2400, backed as well by the solid USD performance.
What’s coming in Canada tomorrow are the critical inflation figures during December (CPI expected at 1.5% YoY) followed by Retail Sales, with headline sales expected to have contracted 0.2% on a monthly basis.
USD/CAD relevant levels
At the moment the pair is up 0.44% at 1.2390 facing the next resistance at 1.2404 (2015 high Jan.22) followed by 1.2507 (high Apr.21 2009) and then 1.2600 (psychological level). On the downside, a break below 1.2325 (low Jan.22) would target 1.2200 (psychological level) en route to 1.2112 (Tenkan Sen).