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USD/CAD hovers above 1.4500, eyes on tomorrow’s BoC decision

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 19, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - USD/CAD turned higher and erased almost completely intraday losses after a brief pullback seen earlier on the day, which was contained by the 100-hour SMA.

    The loonie strengthened in tandem with oil prices, but lost momentum during the American session, with USD/CAD climbing back above the 1.45 mark to a session high of 1.4539. Having spent the last hours in a slim range just below that level, USD/CAD is currently trading at 1.4529, still 0.18% below its opening price.

    The Canadian dollar remains near 13-year lows against the greenback and vulnerable to further losses as investors await the Bank of Canada decision on monetary policy. Some analysts are expecting a rate cut tomorrow, in an attempt to temper the negative effects of the slump in oil prices on the Canadian economy.

    USD/CAD technical levels

    In terms of technical levels, on the upside, next resistances are seen at 1.4604 (13-year high, Jan 18) and 1.4624 (Apr 24 2003 high). On the downside, supports could be found at 1.4430 (Jan 19 low), 1.4342 (Jan 15 low) and 1.4314 (10-day SMA).
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