12 May 2015
USD/CAD heads to 1.2000 after breaking 1.2025
FXStreet (Tokyo) - The US dollar is extending its decline against its Canadian counterpart as the pair broke below 1.2025 and now it's heading to 1.2000 in a 90-pip run from 1.2100.
The move was mainly driven by heavily offered US dollar across the board together with a sharp rebound seen in oil prices.
Currently, USD/CAD is trading at 1.2018, down 0.70% on the day, having posted a daily high at 1.2109 and low at 1.2007. The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bearish.
USD/CAD forecast
Chief Market Analyst at ForexTime Jameel Ahmad commented in the FXStreet USDCAD Forecast Poll that the "CAD has gained from USD softness;" he thinks "this pair will continue ranging around 1.20 unless the Canadian economy notices substantially less investment following the depressed commodity prices."
USD/CAD levels
If the pair consolidates levels below 1.2025, it will find next support at 1.2000, ahead of 1.1945 and 1.1930. To the upside, 1.2050, 1.2070 and 1.2100 are resistances.
The move was mainly driven by heavily offered US dollar across the board together with a sharp rebound seen in oil prices.
Currently, USD/CAD is trading at 1.2018, down 0.70% on the day, having posted a daily high at 1.2109 and low at 1.2007. The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bearish.
USD/CAD forecast
Chief Market Analyst at ForexTime Jameel Ahmad commented in the FXStreet USDCAD Forecast Poll that the "CAD has gained from USD softness;" he thinks "this pair will continue ranging around 1.20 unless the Canadian economy notices substantially less investment following the depressed commodity prices."
USD/CAD levels
If the pair consolidates levels below 1.2025, it will find next support at 1.2000, ahead of 1.1945 and 1.1930. To the upside, 1.2050, 1.2070 and 1.2100 are resistances.