8 Apr 2015
USD/CAD briefly drops below 1.2400
FXStreet (Córdoba) - After being rejected from above 1.2500, USD/CAD came under pressure and fell to a 3-week low amid general USD weakness ahead of the March FOMC minutes’ release later today.
The loonie advanced firmly versus the dollar, despite oil prices setback after peaking near $55 a barrel, and dragged USD/CAD to its lowest level since March 18 at 1.2386. At time of writing, the pair is trading at 1.2415, 0.73% below its opening price.
There is no economic data scheduled to be released from Canada while the FOMC minutes will be key for the dollar.
USD/CAD short-term technical outlook
“Technically, USDCAD looks heavy on the short-term charts but key support at 1.2360/65 remains intact at this point. A break below here could see the USD tumble to 1.19/1.20 we think”, said the TD Securities team. “The CAD is getting some support from the crosses, however, with CADJPY testing the recent range highs and EURCAD especially looking offered and on course for 1.33”.
The loonie advanced firmly versus the dollar, despite oil prices setback after peaking near $55 a barrel, and dragged USD/CAD to its lowest level since March 18 at 1.2386. At time of writing, the pair is trading at 1.2415, 0.73% below its opening price.
There is no economic data scheduled to be released from Canada while the FOMC minutes will be key for the dollar.
USD/CAD short-term technical outlook
“Technically, USDCAD looks heavy on the short-term charts but key support at 1.2360/65 remains intact at this point. A break below here could see the USD tumble to 1.19/1.20 we think”, said the TD Securities team. “The CAD is getting some support from the crosses, however, with CADJPY testing the recent range highs and EURCAD especially looking offered and on course for 1.33”.