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18 Mar 2015
USD/CAD accelerates the drop to 1.2750
FXStreet (Edinburgh) - The greenback is now losing the grip vs. the Canadian dollar, dragging USD/CAD to session lows in the mid-1.2700s.
USD/CAD all eyes on the Fed
After hitting fresh multi-year highs near 1.2840, the pair initiated the current leg lower to the 1.2760/50 area as the selling mood around the greenback grew bigger. Ahead in the session, the FOMC gathering and subsequent press conference by Chairwoman J.Yellen will dictate the near term direction for the greenback. Market participants will scrutinize the statement, with the wording used by the Committee in the centre of the debate.
USD/CAD relevant levels
The pair is now losing 0.19% at 1.2763 and a breakdown of 1.2750 (low Mar.17) would expose 1.2735 (low Mar.16) and then 1.2681 (low Mar.13). On the upside, the immediate hurdle lines up at 1.2845 (high mar 13 2009) ahead of 1.2900 (psychological level) and finally 1.2955 (high Mar.12 2009).
USD/CAD all eyes on the Fed
After hitting fresh multi-year highs near 1.2840, the pair initiated the current leg lower to the 1.2760/50 area as the selling mood around the greenback grew bigger. Ahead in the session, the FOMC gathering and subsequent press conference by Chairwoman J.Yellen will dictate the near term direction for the greenback. Market participants will scrutinize the statement, with the wording used by the Committee in the centre of the debate.
USD/CAD relevant levels
The pair is now losing 0.19% at 1.2763 and a breakdown of 1.2750 (low Mar.17) would expose 1.2735 (low Mar.16) and then 1.2681 (low Mar.13). On the upside, the immediate hurdle lines up at 1.2845 (high mar 13 2009) ahead of 1.2900 (psychological level) and finally 1.2955 (high Mar.12 2009).