10 Jun 2015
USD/CAD keeps falling, 1.2200 on sight
FXStreet (Edinburgh) - The greenback extends its negative bias on Wednesday, now dragging USD/CAD to fresh lows around 1.1220.
USD/CAD weaker on USD, crude oil
The increasing offered tone around the US dollar after the appreciations by Governor H.Kuroda this morning remains in the centre of the debate, helping to drag spot to 3-week lows around 1.1220.
Adding to the daily downside, crude oil prices continues to pick up pace, with the barrel of West Texas Intermediate hovering over the proximity of the $62.00 mark, giving some extra support to the Canadian dollar.
USD/CAD key levels
At the moment the pair is retreating 0.88% at 1.2227 with the next support at 1.2199 (cloud base) followed by 1.2173 (low May 22) and finally 1.2170 (low May 20). On the upside, a break above 1.2352 (high Jun.10) would aim for 1.2399 (Tenkan Sen) and then 1.2442 (high Jun.9).
USD/CAD weaker on USD, crude oil
The increasing offered tone around the US dollar after the appreciations by Governor H.Kuroda this morning remains in the centre of the debate, helping to drag spot to 3-week lows around 1.1220.
Adding to the daily downside, crude oil prices continues to pick up pace, with the barrel of West Texas Intermediate hovering over the proximity of the $62.00 mark, giving some extra support to the Canadian dollar.
USD/CAD key levels
At the moment the pair is retreating 0.88% at 1.2227 with the next support at 1.2199 (cloud base) followed by 1.2173 (low May 22) and finally 1.2170 (low May 20). On the upside, a break above 1.2352 (high Jun.10) would aim for 1.2399 (Tenkan Sen) and then 1.2442 (high Jun.9).