30 Jan 2015
USD/CAD backs away from 1.2800
FXStreet (Córdoba) - USD/CAD pulled back from a fresh 6-year high in the 1.28 vicinity as the loonie cut losses versus competitors helped by oil price’ rise during the New York session.
USD/CAD reached a high of 1.2798, last seen March 2009, following disappointing Canadian GDP drop, but it failed to sustain gains and slid to session lows sub-1.2700 afterward. However, with the correction contained by 1.2670, USD/CAD is currently trading at 1.2715, still up 0.80% on the day.
On track to post tenth weekly gain
USD/CAD is headed for its tenth weekly gain in a row as the loonie has been in downtrend along with oil prices. Furthermore, divergent monetary policies between are expected to favor the upside in USD/CAD as the Bank of Canada cut rates this months while the Fed is expected to be the first major central bank to raise rates since the crisis began.
USD/CAD reached a high of 1.2798, last seen March 2009, following disappointing Canadian GDP drop, but it failed to sustain gains and slid to session lows sub-1.2700 afterward. However, with the correction contained by 1.2670, USD/CAD is currently trading at 1.2715, still up 0.80% on the day.
On track to post tenth weekly gain
USD/CAD is headed for its tenth weekly gain in a row as the loonie has been in downtrend along with oil prices. Furthermore, divergent monetary policies between are expected to favor the upside in USD/CAD as the Bank of Canada cut rates this months while the Fed is expected to be the first major central bank to raise rates since the crisis began.