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30 Mar 2015
USD/CAD rises for the second day
FXStreet (Mumbai) - The Canadian dollar declined on weak Crude prices and BOC’s Poloz’s comments, taking the USD/CAD pair higher for the second consecutive session.
CAD falls on Poloz’s comments
Bank of Canada Governor Stephen Poloz said the central bank still has many options to boost the economy like - rate cuts, forward guidance and even quantitative easing, if soft oil prices continue to weigh. His comments pushed the CAD lower.
Meanwhile, weakness in the crude prices also hurt the CAD. WTI Crude currently trades 1.62% lower as a possibility of a nuclear deal with Iran would increase Iranian crude exports. Consequently, the USD/CAD pair inched 0.64% higher at 1.2689.
USD/CAD Technical Levels
The immediate resistance is seen at 1.27, above which gains could be extended to 1.2771. On the flip side, a break below 1.2638 (hourly 100-MA) could drive the pair lower to 1.2561 (hourly 200-MA).
CAD falls on Poloz’s comments
Bank of Canada Governor Stephen Poloz said the central bank still has many options to boost the economy like - rate cuts, forward guidance and even quantitative easing, if soft oil prices continue to weigh. His comments pushed the CAD lower.
Meanwhile, weakness in the crude prices also hurt the CAD. WTI Crude currently trades 1.62% lower as a possibility of a nuclear deal with Iran would increase Iranian crude exports. Consequently, the USD/CAD pair inched 0.64% higher at 1.2689.
USD/CAD Technical Levels
The immediate resistance is seen at 1.27, above which gains could be extended to 1.2771. On the flip side, a break below 1.2638 (hourly 100-MA) could drive the pair lower to 1.2561 (hourly 200-MA).