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11 May 2015
USD/CAD deflates to 1.2110
FXStreet (Edinburgh) - After hitting intraday tops near 1.2140, USD/CAD is now losing momentum and is returning to the 1.2110 area.
USD/CAD struggling above 1.2100
The pair continues its consolidative pattern between 1.2000 and 1.2200 prevailing since late April, although a strong catalyst needed to break it either way still remains elusive.
The pair has already digested last Friday’s Non-farm Payrolls, and is now turning its focus on the potential timing for the Fed’s first hike, with September still on the table albeit December seeming more of a candidate.
USD/CAD levels to consider
At the moment the pair is advancing 0.29% at 1.2108 facing the next up barrier at 1.2145 (high May 8) followed by 1.2164 (high May 7) and then 1.2180 (high May 4). On the flip side, a breakdown of 1.2080 (low May 11) would open the door to 1.2046 (low May 8) and finally 1.2033 (low May 7).
USD/CAD struggling above 1.2100
The pair continues its consolidative pattern between 1.2000 and 1.2200 prevailing since late April, although a strong catalyst needed to break it either way still remains elusive.
The pair has already digested last Friday’s Non-farm Payrolls, and is now turning its focus on the potential timing for the Fed’s first hike, with September still on the table albeit December seeming more of a candidate.
USD/CAD levels to consider
At the moment the pair is advancing 0.29% at 1.2108 facing the next up barrier at 1.2145 (high May 8) followed by 1.2164 (high May 7) and then 1.2180 (high May 4). On the flip side, a breakdown of 1.2080 (low May 11) would open the door to 1.2046 (low May 8) and finally 1.2033 (low May 7).