28 Apr 2015
USD/CAD turns positive on Poloz, 1.2100 eyed
FXStreet (Edinburgh) - A bout of selling interest is now hitting the Canadian dollar, quickly lifting USD/CAD back to the vicinity of 1.2100 the figure.
USD/CAD firmer on Poloz
The pair gained further steam following the testimony by Governor S.Poloz before the Parliament. Poloz argued that the domestic economy is benefitting from the weaker CAD, against the backdrop of improving business confidence and labour market indicators. He also ruled out a bubble in the Canadian housing sector, stating that housing starts are in line with demographic growth. Regarding the energy sector, he stressed that the lower investment represents an ‘important drag’ to the economy.
USD/CAD significant levels
At the moment the pair is up 0.02% at 1.2088 and a break above 1.2116 (high Apr.28) would open the door to 1.2205 (high Apr.27) and finally 1.2269 (high Apr.23). On the other hand, the initial support lines up at 1.2000 (psychological handle) ahead of 1.19845 (high Jan.19) and then 1.1940 (low Jan.20).
USD/CAD firmer on Poloz
The pair gained further steam following the testimony by Governor S.Poloz before the Parliament. Poloz argued that the domestic economy is benefitting from the weaker CAD, against the backdrop of improving business confidence and labour market indicators. He also ruled out a bubble in the Canadian housing sector, stating that housing starts are in line with demographic growth. Regarding the energy sector, he stressed that the lower investment represents an ‘important drag’ to the economy.
USD/CAD significant levels
At the moment the pair is up 0.02% at 1.2088 and a break above 1.2116 (high Apr.28) would open the door to 1.2205 (high Apr.27) and finally 1.2269 (high Apr.23). On the other hand, the initial support lines up at 1.2000 (psychological handle) ahead of 1.19845 (high Jan.19) and then 1.1940 (low Jan.20).