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25 Feb 2015
USD/CAD consolidates around 1.2440
FXStreet (Edinburgh) - The Canadian dollar keeps appreciating vs. its fellow neighbour on Wednesday, with USD/CAD now attempting to consolidate in the 1.2440/45 band.
USD/CAD supported at 1.2400
The pair dropped to the vicinity of 1.2400 the figure earlier on, although it found decent support and managed to return to the mid-1.2400s, where it currently remains. A neutral-to-dovish tone from Yellen in both testimonies added selling pressure to the greenback, intensified already after Poloz’s speech on Tuesday gave further support to the CAD.
Crude oil prices are advancing for the first time in five sessions, hovering over the $50.00 mark and collaborating with CAD strength at the same time.
USD/CAD levels to consider
The pair is now retreating 0.47% at 1.2435 and a breakdown of 1.2360 (low Feb.17) would aim for 1.2353 (low Feb.3) and finally the psychological handle at 1.12300. On the other hand, the immediate hurdle aligns at 1.2498 (high Feb.27) ahead of 1.2511 (Tenkan Sen) and finally 1.2518 (21-d MA).
USD/CAD supported at 1.2400
The pair dropped to the vicinity of 1.2400 the figure earlier on, although it found decent support and managed to return to the mid-1.2400s, where it currently remains. A neutral-to-dovish tone from Yellen in both testimonies added selling pressure to the greenback, intensified already after Poloz’s speech on Tuesday gave further support to the CAD.
Crude oil prices are advancing for the first time in five sessions, hovering over the $50.00 mark and collaborating with CAD strength at the same time.
USD/CAD levels to consider
The pair is now retreating 0.47% at 1.2435 and a breakdown of 1.2360 (low Feb.17) would aim for 1.2353 (low Feb.3) and finally the psychological handle at 1.12300. On the other hand, the immediate hurdle aligns at 1.2498 (high Feb.27) ahead of 1.2511 (Tenkan Sen) and finally 1.2518 (21-d MA).