Current trend 

The Canadian dollar continues to appreciate against its American rival. The pair is currently trading near a support level at 1.2451, 0/8 Murray. A breakdown of this level will provide a chance of further declining to a level of 1.2342.

According to some experts, the Canadian dollar is growing due to the appreciation of oil quotes against a backdrop of the aggravation of political crisis in Yemen. A further confrontation between government and Shiite insurgents might draw Saudi Arabia into the conflict. Heavy armour is being moved to the borders of Yemen, which threatens a fully-fledged war conflict between the 2 countries.

A statement by Bank of Canada's Governor Stephen S. Poloz will be an important fundamental event today. He will comment on the country’s current economic situation and monetary policy.

Support and resistance

The nearest resistance level is at 1.2512 (1/8 Murray)

The nearest support level is at 1.2451 (0/8 Murray)

Trading tips 

Go short after the level of 1.2451 is broken and place protective orders near the level of 1.2512 with a target at 1.2324.

USD/CAD: general review

The material published on this page is produced by LiteForex and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

Follow us in social networks!
Live Chat
Leave feedback