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9 Sep 2015
USD/CAD retraces BoC-inspired drop
FXStreet (Córdoba) - USD/CAD managed to bounce from lows and retraced almost completely the losses incurred on the back of Bank of Canada decision to trade in positive ground for the day.
USD/CAD dropped to a low of 1.3154 after the BoC offered little for the doves. However, the loonie failed to maintain the lead and weighed by oil prices it but it quickly returned to pre-BoC levels.
With the upside capped by the 1.3250 zone, USD/CAD is currently trading at 1.3218, up 0.09% on the day.
The BoC left interest rate unchanged at 0.5%, as expected, and stressed that the current monetary policy remains ‘appropriate’ given the ongoing conditions.
USD/CAD levels to watch
As for technical levels, next resistances are seen at 1.3261 (Sep 9 high), 1.3309 (Se´p 7 & 8 highs) and 1.3323 (Sep 2 high). On the other hand, supports could be found at 1.3154 (Sep 9 low), 1.3117 (Sep 1 low) ahead of 1.3100 (psychological level).
USD/CAD dropped to a low of 1.3154 after the BoC offered little for the doves. However, the loonie failed to maintain the lead and weighed by oil prices it but it quickly returned to pre-BoC levels.
With the upside capped by the 1.3250 zone, USD/CAD is currently trading at 1.3218, up 0.09% on the day.
The BoC left interest rate unchanged at 0.5%, as expected, and stressed that the current monetary policy remains ‘appropriate’ given the ongoing conditions.
USD/CAD levels to watch
As for technical levels, next resistances are seen at 1.3261 (Sep 9 high), 1.3309 (Se´p 7 & 8 highs) and 1.3323 (Sep 2 high). On the other hand, supports could be found at 1.3154 (Sep 9 low), 1.3117 (Sep 1 low) ahead of 1.3100 (psychological level).