25 Feb 2015
USD/CAD drops to fresh weekly lows at 1.2450
FXStreet (Mumbai) - USD/CAD extended losses and fell further to fresh weekly lows in the late-Asian session as the loonie continued it uptrend after the Bank of Canada’s (BOC) Governor Poloz hinted at rate cut unlikely at the upcoming March 4 meeting.
USD/CAD back below 1.2500
Currently, the USD/CAD trades lower by -0.26% near fresh four-day lows at 1.2450 levels. The pair inched lower after USD strength lost ground versus its major counterparts after Yellen’s comments cleared air of a likely rate-lift soon. Additionally, the losses in the pair were accelerated after BOC Poloz hinted that the central bank might take a wait-and-see approach at the upcoming March 4 meeting after last month's surprising rate cut, boosting the CAD bulls. Furthermore, a minor recovery in oil prices also supports the loonie, dragging USD/CAD lower.
In the day ahead, traders may focus on US new home sales data and Yellen’s testimony before the House for further directions on the pair.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2500 levels and above which it could extend gains 1.2548 levels. To the downside immediate support might be located at 1.2431 levels, below that at 1.2400 levels.
USD/CAD back below 1.2500
Currently, the USD/CAD trades lower by -0.26% near fresh four-day lows at 1.2450 levels. The pair inched lower after USD strength lost ground versus its major counterparts after Yellen’s comments cleared air of a likely rate-lift soon. Additionally, the losses in the pair were accelerated after BOC Poloz hinted that the central bank might take a wait-and-see approach at the upcoming March 4 meeting after last month's surprising rate cut, boosting the CAD bulls. Furthermore, a minor recovery in oil prices also supports the loonie, dragging USD/CAD lower.
In the day ahead, traders may focus on US new home sales data and Yellen’s testimony before the House for further directions on the pair.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2500 levels and above which it could extend gains 1.2548 levels. To the downside immediate support might be located at 1.2431 levels, below that at 1.2400 levels.