USD/CAD attempted to settle above 1. 2760 but lost momentum and fell below 1. 2700 as the US dollar gained a floor opposite a giant basket of currencies.
The U. S. Index USA It controlled to stabilize above EMA 20 at 92. 60 and attempted to stabilize above the next resistance at 92. 80, but failed to expand enough bullish momentum. In case the U. S. index is not the U. S. index. USA Set above 92. 80, it will move towards resistance at 93. 10 Be bullish for USD/CAD.
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Today, currency investors have in the Bank of Canada’s resolution on interest rates. The Bank left the interest rate unchanged at 0. 25 consistent with cent and kept its current asset purchase speed at C$2 billion consistent with the week.
The Bank noted that Canada’s GDP fell 1 consistently with one cent in the quarter at the time, which was weaker than expected. The Bank added that the recovery required regular financial policy support. The comments were dovish and put pressure on the Canadian dollar.
Meanwhile, WTI oil returned above the $69 level, which was bullish for commodity-linked currencies, however, investors ignored developments in commodity markets while pointing to the BoC’s resolution on interest rates and the observation that followed.
The USD against the CAD recently fell below the point at 1. 2685 and is heading towards the next one at 1. 2650.
In case the USD/CAD returns below 1. 2650, it will head towards the level of 1. 2625. A successful verification of this point will pave the way for the check of 20 EMA near 1. 2610.
On the upside, the USD opposite the CAD will have to rise back above 1. 2685 to have a chance of gaining bullish momentum in the near term. The next RESISTANCE point from USD to CAD is at 1. 2710.
If the USD opposite the CAD manages to settle above 1. 2710, it will move towards resistance at 1. 2730. A successful verification of this point will pave the way for voltage verification at recent highs at 1. 2760.
For a review of all of today’s economic events, check out our economic calendar.