10 Jun 2015
USD/CAD Forecast: 1.2200 support impacted; bounce above 1.2250
FXStreet (Orlando) - The dollar continues trading lower across the market and there is no an exception against the Canadian Dollar as the USD / CAD dropped 150 pips from 1.2350 to test the 1.2200 level. The pair found buying interest and now operates 60 pips back at 1.2260.
Currently, USD/CAD is trading at 1.2260, down 0.63% on the day, having posted a daily high at 1.2354 and low at 1.2202. The hourly FXStreet OB/OS Index is showing oversold conditions, alongside the FXStreet Trend Index which is slightly bearish.
USD/CAD down on USD, crude oil
US weakness tone in the US Dollar after Kuroda comments is dragging the USD/CAD down. BoJ Kuroda said: "it is hard to see the Yen's real effective exchange rate falling further."
In adition, Oil is falling hard from near 1-month highs at 61.80 to price as low as 60.80 this morning. Oil is currently at 61.00, dragging down the USD/CAD too.
USD/CAD Forecast
If the pair extends bounce from 1.2200, it will find resistnces at 1.2280, 1.2300 and 1.2350. To the downside, supports are at 1.2200, 1.2180 and 1.2130.
Currently, USD/CAD is trading at 1.2260, down 0.63% on the day, having posted a daily high at 1.2354 and low at 1.2202. The hourly FXStreet OB/OS Index is showing oversold conditions, alongside the FXStreet Trend Index which is slightly bearish.
USD/CAD down on USD, crude oil
US weakness tone in the US Dollar after Kuroda comments is dragging the USD/CAD down. BoJ Kuroda said: "it is hard to see the Yen's real effective exchange rate falling further."
In adition, Oil is falling hard from near 1-month highs at 61.80 to price as low as 60.80 this morning. Oil is currently at 61.00, dragging down the USD/CAD too.
USD/CAD Forecast
If the pair extends bounce from 1.2200, it will find resistnces at 1.2280, 1.2300 and 1.2350. To the downside, supports are at 1.2200, 1.2180 and 1.2130.