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28 Jan 2015
USD/CAD in highs near 1.2450
FXStreet (Edinburgh) - The greenback is resuming its upside vs. its Canadian counterpart on Wednesday, pushing USD/CAD to session highs in the mid-1.2400s.
USD/CAD eyes on the Fed
The pair is recovering ground lost after poor US Durable Goods Orders during December and a better tone in the risk-on universe dragged it to the 1.2380 area yesterday. Ahead in the session, the FOMC meeting will be the main highlight of the week, with market participants scrutinizing the wording of the statement, as there is no press conference or economic projections.
“The broader USDCAD bull trend remains intact, however, and we should expect any weakness in funds to remain relatively shallow and short-lived at this point”, suggested analysts at TD Securities.
USD/CAD significant levels
At the moment the pair is advancing 0.33% at 1.2445 with the initial barrier at 1.2502 (2015 high Jan.27) ahead of 1.2507 (high Apr.21 2009) and then 1.2600 (psychological level). On the downside, a breach of 1.2390 (low Jan.28) would aim for 1.2379 (low Jan.27) and finally 1.2360 (low Jan.23).
USD/CAD eyes on the Fed
The pair is recovering ground lost after poor US Durable Goods Orders during December and a better tone in the risk-on universe dragged it to the 1.2380 area yesterday. Ahead in the session, the FOMC meeting will be the main highlight of the week, with market participants scrutinizing the wording of the statement, as there is no press conference or economic projections.
“The broader USDCAD bull trend remains intact, however, and we should expect any weakness in funds to remain relatively shallow and short-lived at this point”, suggested analysts at TD Securities.
USD/CAD significant levels
At the moment the pair is advancing 0.33% at 1.2445 with the initial barrier at 1.2502 (2015 high Jan.27) ahead of 1.2507 (high Apr.21 2009) and then 1.2600 (psychological level). On the downside, a breach of 1.2390 (low Jan.28) would aim for 1.2379 (low Jan.27) and finally 1.2360 (low Jan.23).