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21 Apr 2015
USD/CAD reaches 5-day high
FXStreet (Córdoba) - USD/CAD bounced from daily lows and climbed to fresh highs as the US dollar gathered momentum following the Wall Street opening.
The loonie failed to hold onto yesterday’s gains, which were inspired by optimistic BoC Poloz comments and higher oil prices.
USD/CAD rose more than 70 pips over the last hours and reached a 5-day peak of 1.2296 but failed to regain the 1.23 mark and settled right below. At time of writing, the pair is trading at 1.2260, recording a 0.27% gain on the day.
USD/CAD short-term perspective
“USDCAD corrects but short-term trend studies are negative and we think last week's break under 1.2360 support targets the low 1.19s”, said the TD Securities team. “Look to fade USD rallies”.
The loonie failed to hold onto yesterday’s gains, which were inspired by optimistic BoC Poloz comments and higher oil prices.
USD/CAD rose more than 70 pips over the last hours and reached a 5-day peak of 1.2296 but failed to regain the 1.23 mark and settled right below. At time of writing, the pair is trading at 1.2260, recording a 0.27% gain on the day.
USD/CAD short-term perspective
“USDCAD corrects but short-term trend studies are negative and we think last week's break under 1.2360 support targets the low 1.19s”, said the TD Securities team. “Look to fade USD rallies”.