20 Oct 2015
USD/CAD challenges support at 1.3000
FXStreet (Edinburgh) - The Canadian dollar is now reclaiming ground lost vs. its American counterpart on Tuesday, with USD/CAD re-visiting the 1.3000 neighbourhood.
USD/CAD attention to BoC
Spot is surrendering part of yesterday’s strong gains although it manages to keep alive the rebound from last week’s troughs near the 1.2800 handle.
In the meantime, CAD remains supported by the performance of crude oil prices and the CAD-US spreads via policy divergence, although tomorrow’s BoC monetary policy meeting could refocus the perspective towards the domestic camp.
In another direction, CAD remained apathetic following yesterday’s win by the Liberal Party in the Canadian elections, which will form a majority government for the first time since 2004.
USD/CAD levels to consider
As of writing, the pair is retreating 0.16% at 1.2999 with the immediate support at 1.2827 (low Oct.15) ahead of 1.2800 (psychological level) and finally 1.2687 (50% Fibo of 1.1916-1.3459). On the other hand, a break above 1.3095 (Fibo 23.6% of 1.1916-1.3458) would open the door to 1.3161 (55-day sma) and then 1.3200 (psychological level).
USD/CAD attention to BoC
Spot is surrendering part of yesterday’s strong gains although it manages to keep alive the rebound from last week’s troughs near the 1.2800 handle.
In the meantime, CAD remains supported by the performance of crude oil prices and the CAD-US spreads via policy divergence, although tomorrow’s BoC monetary policy meeting could refocus the perspective towards the domestic camp.
In another direction, CAD remained apathetic following yesterday’s win by the Liberal Party in the Canadian elections, which will form a majority government for the first time since 2004.
USD/CAD levels to consider
As of writing, the pair is retreating 0.16% at 1.2999 with the immediate support at 1.2827 (low Oct.15) ahead of 1.2800 (psychological level) and finally 1.2687 (50% Fibo of 1.1916-1.3459). On the other hand, a break above 1.3095 (Fibo 23.6% of 1.1916-1.3458) would open the door to 1.3161 (55-day sma) and then 1.3200 (psychological level).