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23 Jan 2015
USD/CAD flirting with 1.2400
FXStreet (Edinburgh) - USD/CAD is hovering over the 1.2390/1.2400 area in the European evening, dragged lower following the inflation figures in Canada.
USD/CAD softer on dollar, data
The pair is netting an even session so far, fading the earlier spike to fresh multi-year highs around 1.2460 and returning to the boundaries of the 1.2400 handle. The Canadian dollar grabbed some attention following in-line inflation figures in Canada during December followed by a strong print from Retail Sales, sending spot back to the 1.2380 region.
From a technical perspective, analysts at TD Securities commented, “Even in the event of a short-term consolidation or correction in USDCAD from here, we still think the broader trend is higher”.
USD/CAD relevant levels
As of writing the pair is down 0.03% at 1.2398 and a breakdown of 1.2315 (low Jan.22) would expose 1.2200 (psychological level) and then 1.2112 (Tenkan Sen). On the upside, the initial barrier lines up at 1.2507 (high Apr.21 2009) followed by 1.2600 (psychological level) and then 1.2682 (161.8% of 0.9407-1.0658).
USD/CAD softer on dollar, data
The pair is netting an even session so far, fading the earlier spike to fresh multi-year highs around 1.2460 and returning to the boundaries of the 1.2400 handle. The Canadian dollar grabbed some attention following in-line inflation figures in Canada during December followed by a strong print from Retail Sales, sending spot back to the 1.2380 region.
From a technical perspective, analysts at TD Securities commented, “Even in the event of a short-term consolidation or correction in USDCAD from here, we still think the broader trend is higher”.
USD/CAD relevant levels
As of writing the pair is down 0.03% at 1.2398 and a breakdown of 1.2315 (low Jan.22) would expose 1.2200 (psychological level) and then 1.2112 (Tenkan Sen). On the upside, the initial barrier lines up at 1.2507 (high Apr.21 2009) followed by 1.2600 (psychological level) and then 1.2682 (161.8% of 0.9407-1.0658).