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27 Jan 2015
USD/CAD supported around 1.2360
FXStreet (Edinburgh) - After an ephemeral test of the 1.2380 area, USD/CAD is now returning to levels above the 1.2400 handle.
USD/CAD depressed by USD weakness
The greenback has been losing ground since the start of the week amidst a better sentiment towards the risk appetite. Poor data from the US Durable Goods Orders out today served as an excuse for traders to intensify the sell off, dragging spot to weekly lows in sub-1.2400 levels.
Ahead in the week, the critical FOMC meeting is due tomorrow with consensus pretty divided regarding the potential tone of the statement.
USD/CAD levels to consider
At the moment the pair is retreating 0.37% at 1.2416 and drop below 1.2360 (low Jan.23) would open the door to 1.2315 (low Jan.22) and finally 1.2200 (psychological level). On the upside, the initial barrier lies at 1.2502 (2015 high Jan.27) ahead of 1.2507 (high Apr.21 2009) and then 1.2600 (psychological level).
USD/CAD depressed by USD weakness
The greenback has been losing ground since the start of the week amidst a better sentiment towards the risk appetite. Poor data from the US Durable Goods Orders out today served as an excuse for traders to intensify the sell off, dragging spot to weekly lows in sub-1.2400 levels.
Ahead in the week, the critical FOMC meeting is due tomorrow with consensus pretty divided regarding the potential tone of the statement.
USD/CAD levels to consider
At the moment the pair is retreating 0.37% at 1.2416 and drop below 1.2360 (low Jan.23) would open the door to 1.2315 (low Jan.22) and finally 1.2200 (psychological level). On the upside, the initial barrier lies at 1.2502 (2015 high Jan.27) ahead of 1.2507 (high Apr.21 2009) and then 1.2600 (psychological level).