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16 Jul 2015
USD/CAD sits at 6-year highs, near 1.2945
FXStreet (Mumbai) - The Canadian dollar remains undermined versus its American counterpart in the European session, keeping USD/CAD lifted above 1.29 handle, as divergent monetary policy outlooks between both the US and Canada continues to boost the pair higher.
USD/CAD supported at 1.2913
Currently, the USD/CAD pair trades 0.25% higher at 1.2945, heads towards 1.2958 – fresh multi-year highs reached on Wednesday. The US dollar hammers the Canadian dollar as Wednesday BOC rate cut on one hand and Fed Yellen’s comments on possible rate-hike this year revealed the widening gap between the monetary policy stance between the two countries, eventually boosting the dollar bulls.
The BOC delivered a rate cut, which brought the main rate from 0.75% to 0.5% . While upbeat US macro data including PPI and industrial production supported the strength in the US dollar.
Markets now shift attention towards a set of US data while Fed Yellen’s before the Senate Banking Committee will be closely watched for further momentum on the pair.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2958 (July 15High) levels and above which it could extend gains to 1.3000 (March 2009 Levels). To the downside, immediate support might be located at 1.2913 (Today’s Low) levels and below that at 1.2880.
USD/CAD supported at 1.2913
Currently, the USD/CAD pair trades 0.25% higher at 1.2945, heads towards 1.2958 – fresh multi-year highs reached on Wednesday. The US dollar hammers the Canadian dollar as Wednesday BOC rate cut on one hand and Fed Yellen’s comments on possible rate-hike this year revealed the widening gap between the monetary policy stance between the two countries, eventually boosting the dollar bulls.
The BOC delivered a rate cut, which brought the main rate from 0.75% to 0.5% . While upbeat US macro data including PPI and industrial production supported the strength in the US dollar.
Markets now shift attention towards a set of US data while Fed Yellen’s before the Senate Banking Committee will be closely watched for further momentum on the pair.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2958 (July 15High) levels and above which it could extend gains to 1.3000 (March 2009 Levels). To the downside, immediate support might be located at 1.2913 (Today’s Low) levels and below that at 1.2880.