USD/CAD buoyant around 1.4650, BoC eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 20, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The greenback keeps the upside bias vs. its Canadian peer on Wednesday, taking USD/CAD to the 1.4660/50 area so far.

    USD/CAD stronger ahead of BoC

    CAD is deriving further weakness from another slump of crude oil prices, this time the barrel of West Texas Intermediate has succumbed to sub-$29.00 levels, printing at the same time levels last seen over a decade ago.

    The pair will remain under pressure ahead in the session, as US CPI results are next on tap followed by Housing Starts and Building Permits. However, the focus of attention remains on the BoC and its interest rate decision, where consensus amongst traders remains pretty divided.

    USD/CAD significant levels

    As of writing the pair is gaining 0.63% at 1.4651 facing the initial hurdle at 1.4672 (high Apr.24 2003) and then 1.4946 (high Apr.7 2003). On the other hand, a break below 1.4177 (20-day sma) would aim for 1.3793 (low Dec.24) and finally 1.3790 (3-month uptrend).
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