Back
2 Dec 2014
USD/CAD inching higher around 1.1360
FXStreet (Edinburgh) - The Canadian dollar keeps depreciating vs. its southern neighbour on Tuesday, now lifting USD/CAD to session tops around 1.1360.
USD/CAD backed by the greenback
The pair broke above the overnight consolidation pattern around 1.1320 following a better tone from the US dollar and decreasing crude oil prices, with the WTI now retracing earlier gains and trading back around $68.00/bbl. Absent relevant data releases or events in both the American and Canadian economies today, the risk trends and the crude oil dynamics seem to be the main drivers for the pair ahead in the session, at least until the BoC monetary policy meeting and US ISM Non-Manufacturing due tomorrow.
USD/CAD levels to watch
As of writing the pair is gaining 0.33% at 1.1365 facing the initial hurdle at 1.1400 (psychological level) ahead of 1.1459 (high Dec.1) and then 1.1466 (2014 high Nov.5). On the flip side, a break below 1.1319 (low Dec.2) would aim for 1.1314 (low Dec.1) and finally 1.1300 (psychological level).
USD/CAD backed by the greenback
The pair broke above the overnight consolidation pattern around 1.1320 following a better tone from the US dollar and decreasing crude oil prices, with the WTI now retracing earlier gains and trading back around $68.00/bbl. Absent relevant data releases or events in both the American and Canadian economies today, the risk trends and the crude oil dynamics seem to be the main drivers for the pair ahead in the session, at least until the BoC monetary policy meeting and US ISM Non-Manufacturing due tomorrow.
USD/CAD levels to watch
As of writing the pair is gaining 0.33% at 1.1365 facing the initial hurdle at 1.1400 (psychological level) ahead of 1.1459 (high Dec.1) and then 1.1466 (2014 high Nov.5). On the flip side, a break below 1.1319 (low Dec.2) would aim for 1.1314 (low Dec.1) and finally 1.1300 (psychological level).