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20 Apr 2015
USD/CAD hits fresh session lows
FXStreet (Mumbai) - The Canadian dollar extends its upward trajectory against its US counterpart in the European morning, knocking-off USD/CAD deeper in to red, as the loonie holds gains amid a broadly weaker US dollar in a data-light session.
Stronger CAD keeps USD/CAD below 1.22
Currently, the USD/CAD trades lower by -0.42% at 1.2193, recovering somewhat from session lows at 1.2184. The USD/CAD pair continues to be heavily offered largely on broad CAD strength as the Canadian dollar continues to ride higher on BOC optimism and stronger than expected macro data.
Canada’s inflation unexpectedly accelerated to 1.2% in March. The BoC's year-on-year core CPI, which excludes eight volatile components, jumped to 2.4%, marking the quickest pace in over six years. While, the biggest mover last week was the BoC's announcement on Wednesday that the interest rate would remain unchanged at 0.75%.
Moreover, a solid pull back in crude prices with US benchmark eyeing USD 59/ barrel continues to boost the Canadian dollar, dragging USD/CAD lower.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2244 levels and above which it could extend gains 1.2273 levels. To the downside immediate support might be located at 1.2139 levels, below that at 1.2100 levels
Stronger CAD keeps USD/CAD below 1.22
Currently, the USD/CAD trades lower by -0.42% at 1.2193, recovering somewhat from session lows at 1.2184. The USD/CAD pair continues to be heavily offered largely on broad CAD strength as the Canadian dollar continues to ride higher on BOC optimism and stronger than expected macro data.
Canada’s inflation unexpectedly accelerated to 1.2% in March. The BoC's year-on-year core CPI, which excludes eight volatile components, jumped to 2.4%, marking the quickest pace in over six years. While, the biggest mover last week was the BoC's announcement on Wednesday that the interest rate would remain unchanged at 0.75%.
Moreover, a solid pull back in crude prices with US benchmark eyeing USD 59/ barrel continues to boost the Canadian dollar, dragging USD/CAD lower.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2244 levels and above which it could extend gains 1.2273 levels. To the downside immediate support might be located at 1.2139 levels, below that at 1.2100 levels