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16 Mar 2015
USD/CAD drops to lows near 1.2750
FXStreet (Edinburgh) - The greenback is rapidly depreciating vs. its Canadian counterpart on Monday, dragging USD/CAD to fresh intraday lows in sub-1.2750 levels.
USD/CAD softer on USD
The pair has accelerated its daily decline following the abrupt drop of the greenback in terms of the US Dollar Index (DXY), breaching the critical 100.00 support. Furthermore, disappointing releases in the US economy saw the Empire State index, Industrial Production, Capacity Utilization and the NAHB index all coming in below expectations, adding further selling pressure to the pair.
Next of relevance in the US calendar will be the TIC flows for the month of January.
USD/CAD key levels
At the moment the pair is retreating 0.26% at 1.2750 with the next support at 1.2700 (psychological level) ahead of 1.2617 (low Mar.12) and then 1.2598 (low Mar.10). On the upside, a breakout of 1.2825 (2015 high Mar.13) would open the door to 1.2845 (high Mar.13 2009) and then 1.2900 (psychological level).
USD/CAD softer on USD
The pair has accelerated its daily decline following the abrupt drop of the greenback in terms of the US Dollar Index (DXY), breaching the critical 100.00 support. Furthermore, disappointing releases in the US economy saw the Empire State index, Industrial Production, Capacity Utilization and the NAHB index all coming in below expectations, adding further selling pressure to the pair.
Next of relevance in the US calendar will be the TIC flows for the month of January.
USD/CAD key levels
At the moment the pair is retreating 0.26% at 1.2750 with the next support at 1.2700 (psychological level) ahead of 1.2617 (low Mar.12) and then 1.2598 (low Mar.10). On the upside, a breakout of 1.2825 (2015 high Mar.13) would open the door to 1.2845 (high Mar.13 2009) and then 1.2900 (psychological level).