29 Apr 2015
USD/CAD pierced 1.2000 on US data
FXStreet (Edinburgh) - The greenback is rapidly losing the grip vs. its Canadian counterpart on Wednesday, dragging USD/CAD to fresh lows in sub-1.2000 levels.
USD/CAD now focuses on FOMC
The pair saw its downside accelerated after the US GDP figures disappointed market expectations, expanding at an annual pace of 0.2% during the first quarter vs. 1.0% previously forecasted.
Spot quickly visited levels last traded in mid-January around 1.1990, although it has quickly returned above the 1.2000 handle. Next of relevance will be Pending Home Sales ahead of the key FOMC meeting.
USD/CAD significant levels
At the moment the pair is down 0.08% at 1.2022 with the next support at 1.1989 (low Apr.29) followed by 1.1985 (high Jan.19) and then 1.1940 (low Jan.20). On the other hand, a break above 1.2116 (high Apr.28) would open the door to 1.2205 (high Apr.27) and finally 1.2269 (high Apr.23).
USD/CAD now focuses on FOMC
The pair saw its downside accelerated after the US GDP figures disappointed market expectations, expanding at an annual pace of 0.2% during the first quarter vs. 1.0% previously forecasted.
Spot quickly visited levels last traded in mid-January around 1.1990, although it has quickly returned above the 1.2000 handle. Next of relevance will be Pending Home Sales ahead of the key FOMC meeting.
USD/CAD significant levels
At the moment the pair is down 0.08% at 1.2022 with the next support at 1.1989 (low Apr.29) followed by 1.1985 (high Jan.19) and then 1.1940 (low Jan.20). On the other hand, a break above 1.2116 (high Apr.28) would open the door to 1.2205 (high Apr.27) and finally 1.2269 (high Apr.23).