25 Mar 2015
USD/CAD in highs above 1.2500
FXStreet (Edinburgh) - The Canadian dollar is now rapidly depreciating vs. its American counterpart, lifting USD/CAD to session highs around 1.2540.
USD/CAD stronger on oil drop
The pair saw its upside suddenly renewed after the EIA reported that crude oil inventories increased by 8.2 million barrels in the week ended on March 20th, hurting the Canadian dollar. The print exceeded forecasts for an increase of 5 million barrels.
The pair sharply bounced off the 1.2480 area in the wake of the release, shrugging off poor results from the US Durable Goods Orders during February (-1.4% MoM act.).
USD/CAD relevant levels
The pair is now up 0.28% at 1.2529 facing the next hurdle at 1.2546 (high Mar.24) followed by 1.2593 (21-d MA) and then 1.2600 (psychological level). On the flip side, a breakdown of 1.2428 (low Mar.24) would aim for 1.2415 (cloud top) and then 1.2407 (low Mar.4)
USD/CAD stronger on oil drop
The pair saw its upside suddenly renewed after the EIA reported that crude oil inventories increased by 8.2 million barrels in the week ended on March 20th, hurting the Canadian dollar. The print exceeded forecasts for an increase of 5 million barrels.
The pair sharply bounced off the 1.2480 area in the wake of the release, shrugging off poor results from the US Durable Goods Orders during February (-1.4% MoM act.).
USD/CAD relevant levels
The pair is now up 0.28% at 1.2529 facing the next hurdle at 1.2546 (high Mar.24) followed by 1.2593 (21-d MA) and then 1.2600 (psychological level). On the flip side, a breakdown of 1.2428 (low Mar.24) would aim for 1.2415 (cloud top) and then 1.2407 (low Mar.4)