USD/CAD steadies around 1.4500 after fresh highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - USD/CAD moved even higher on Monday and struck a fresh 13-year peak above 1.4600 before pulling back.

    USD/CAD rose briefly above 1.4600 and peaked at 1.4604 before turning south and correcting lower. The pair slid to a daily low of 1.4485, and it has spent the last hours, oscillating around the 1.45 mark. At time of writing, the pair is trading at 1.4494, 0.19% below its Friday’s close. On the upside, next target stands at 1.4624 (Apr 24 2003 high).

    Loonie weighed by oil prices and expectations of a rate cut

    On Wednesday, the Bank of Canada will decide on monetary policy and expectations surrounding a rate cut continue to grow, given the effects on the economy of the renewed push lower in oil prices. WTI struck fresh cycle lows at $28.36 a barrel.
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