USD/CAD consolidates solid gains above 1.4500

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - USD/CAD cleared the 1.4500 level on Friday and posted a fresh 13-year high of 1.4545, boosted by another wave of risk aversion.

    Despite the greenback faced some pressure at the beginning of the session following disappointing retail sales and industrial data, USD/CAD managed to resume the rise after a brief correction, as oil weakness continues to weigh on the loonie, with WTI hitting fresh lows sub-$30.00 a barrel.

    Next week, the Bank of Canada will decide on monetary policy, with expectations surrounding a rate cut at growing, given the effects on the economy of the renewed push lower in oil prices.

    At time of writing, USD/CAD is trading at 1.4515, up 1.04% on the day and up 2.5% over the week. On the upside, next target stands at 1.4624 (Apr 24 2003 high).
    For more information, read our latest forex news.

Share This Page

free forex signals