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Trading news
16 Apr 2015
USD/CAD dips below 1.2230
FXStreet (Edinburgh) - The US dollar extends the drop vs. its Canadian counterpart on Thursday, sending USD/CAD to lows near 1.2230.
USD/CAD in multi-week lows
The pair is trading in levels last seen in late January around 1.2230, against the backdrop of increasing USD-weakness after Building Permits, Housing Starts and Initial Claims missed consensus today.
In the opinion of strategists at TD Securities, “The USD is overbought and over-loved, making it vulnerable to violent shakeouts on negative data surprises. Indeed, short-term correlation studies indicate that the relationship between DXY and data surprises has tightened in recent weeks. As such, every data release could become magnified”.
USD/CAD levels to watch
At the moment the pair is losing 0.56% at 1.2222 and a breakdown of 1.2100 (psychological level) would aim for 1.2062 (high Jan.19) and then 1.1940 (low Jan.20). On the upside, the initial hurdle lines up at 1.2350 (38.2% of 1.1565-1.2835) ahead of 1.2353 (low Feb.3) and finally 1.2400 (psychological level).
USD/CAD in multi-week lows
The pair is trading in levels last seen in late January around 1.2230, against the backdrop of increasing USD-weakness after Building Permits, Housing Starts and Initial Claims missed consensus today.
In the opinion of strategists at TD Securities, “The USD is overbought and over-loved, making it vulnerable to violent shakeouts on negative data surprises. Indeed, short-term correlation studies indicate that the relationship between DXY and data surprises has tightened in recent weeks. As such, every data release could become magnified”.
USD/CAD levels to watch
At the moment the pair is losing 0.56% at 1.2222 and a breakdown of 1.2100 (psychological level) would aim for 1.2062 (high Jan.19) and then 1.1940 (low Jan.20). On the upside, the initial hurdle lines up at 1.2350 (38.2% of 1.1565-1.2835) ahead of 1.2353 (low Feb.3) and finally 1.2400 (psychological level).