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15 Dec 2014
USD/CAD consolidating above 1.1550
FXStreet (Córdoba) - USD/CAD remains near last week highs and the psychological 1.1600 area; as currently trades at 1.1581, 10 pips above Friday’s closing price.
The pair bottomed during the Asian session at 1.1547 but quickly rose back above 1.1550. A few minutes ago printed a fresh daily high at 1.1586, slightly below Friday’s highs.
Despite the recovery in crude oil prices, the loonie has been unable to make a correction against the US dollar and remains under pressure. But it the barrel manages to hold above $58 and greenback remains quiet in the currency market, USD/CAD is unlikely to break above 1.1600; if it does it would be trading at the strongest level since July 2009.
The pair bottomed during the Asian session at 1.1547 but quickly rose back above 1.1550. A few minutes ago printed a fresh daily high at 1.1586, slightly below Friday’s highs.
Despite the recovery in crude oil prices, the loonie has been unable to make a correction against the US dollar and remains under pressure. But it the barrel manages to hold above $58 and greenback remains quiet in the currency market, USD/CAD is unlikely to break above 1.1600; if it does it would be trading at the strongest level since July 2009.