24 Aug 2015
USD/CAD jumps to 1.3290; but sold and back to 1.3250
FXStreet (Boston) - Yes, the USD is falling across the market but the Canadian Dollar has its own stories. The USD/CAD jumped to trade at fresh 11 years at 1.3290 briefly, but the pair was sold and it returned to previous range.
Currently, USD/CAD is trading at 1.3257, up 0.58% on the day, having posted a daily high at 1.3291 and low at 1.3178. The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bearish.
While the USD is being sold aggressively amid the global stock market turmoil and falling expectations for a Fed rate hike, the Canadian Dollar is suffering amid commodity prices pain. Analysts at Bank of Tokyo-Mitsubishi noted, "Commodity-related currencies have been hit hardest as commodity prices have fallen to their lowest level since 1999 according to Bloomberg’s commodity price index.
USD/CAD levels
If the pair extends gains above 1.3290, next resistances are at 1.3300, 1.3320 and 1.3360. To the downside, supports are at 1.3230, 1.3210 and 1.3190.
Currently, USD/CAD is trading at 1.3257, up 0.58% on the day, having posted a daily high at 1.3291 and low at 1.3178. The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bearish.
While the USD is being sold aggressively amid the global stock market turmoil and falling expectations for a Fed rate hike, the Canadian Dollar is suffering amid commodity prices pain. Analysts at Bank of Tokyo-Mitsubishi noted, "Commodity-related currencies have been hit hardest as commodity prices have fallen to their lowest level since 1999 according to Bloomberg’s commodity price index.
USD/CAD levels
If the pair extends gains above 1.3290, next resistances are at 1.3300, 1.3320 and 1.3360. To the downside, supports are at 1.3230, 1.3210 and 1.3190.