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16 Jul 2015
USD/CAD stays near 6-year highs
FXStreet (Córdoba) - USD/CAD continues to trade near 6-year highs scored the previous day in the aftermath of the Bank of Canada decision to cut the main interest rate for the second time this year.
The Bank of Canada lowered the overnight deposit rate by 25 bps to 0.5%. In contrast, Fed Chair Yellen said a Fed rate hike would be appropriate some time this year. Against this backdrop, USD/CAD climbed more than 200 pips and scored a peak of 1.2957, last seen March 2009.
USD/CAD has spent the last sessions consolidating recent gains in a range just above 1.2900. At time of writing, the pair is trading at 1.2933, up 0.18% on the day.
USD/CAD levels to watch
In terms of technical levels, USD/CAD could find next resistances at 1.2957 (6-year high Jul 15), 1.3000 (psychological level) and 1.3011 (Mar 10 2009 high). On the other hand, supports are seen at 1.2904/00 (Jul 16 low/psychological level), 1.2804 (Jul 14 high) and 1.2736 (10-day SMA).
The Bank of Canada lowered the overnight deposit rate by 25 bps to 0.5%. In contrast, Fed Chair Yellen said a Fed rate hike would be appropriate some time this year. Against this backdrop, USD/CAD climbed more than 200 pips and scored a peak of 1.2957, last seen March 2009.
USD/CAD has spent the last sessions consolidating recent gains in a range just above 1.2900. At time of writing, the pair is trading at 1.2933, up 0.18% on the day.
USD/CAD levels to watch
In terms of technical levels, USD/CAD could find next resistances at 1.2957 (6-year high Jul 15), 1.3000 (psychological level) and 1.3011 (Mar 10 2009 high). On the other hand, supports are seen at 1.2904/00 (Jul 16 low/psychological level), 1.2804 (Jul 14 high) and 1.2736 (10-day SMA).