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19 May 2015
USD/CAD rejected at 1.22
FXStreet (Mumbai) - The US dollar remains elevated against its Canadian counterpart in the European session, driving USD/CAD near 1.22 barrier, as traders favour the greenback ahead of US macro data. While Bank of Canada (BoC) Governor Stephen Poloz's speech followed by a press conference will be closely watched.
USD/CAD supported by stronger USD
Currently, the USD/CAD trades 0.13% higher at 1.2177, retracing from 1.2198 session highs. The USD/CAD pair climbed higher largely backed by broad based US dollar strength ahead of Wednesday’s Fed meeting minutes.
Moreover, USD/CAD is likely to remain lifted as BOC Governor Poloz is expected to scale back some of his optimism compared to the positive tone of the BoC after the April meeting, which may dent the loonie.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2200 levels and above which it could extend gains 1.2271 levels. To the downside immediate support might be located at 1.2130 levels, below that at 1.2100.
USD/CAD supported by stronger USD
Currently, the USD/CAD trades 0.13% higher at 1.2177, retracing from 1.2198 session highs. The USD/CAD pair climbed higher largely backed by broad based US dollar strength ahead of Wednesday’s Fed meeting minutes.
Moreover, USD/CAD is likely to remain lifted as BOC Governor Poloz is expected to scale back some of his optimism compared to the positive tone of the BoC after the April meeting, which may dent the loonie.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2200 levels and above which it could extend gains 1.2271 levels. To the downside immediate support might be located at 1.2130 levels, below that at 1.2100.