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22 Apr 2015
USD/CAD steadies near 1.2200
FXStreet (Córdoba) - After failing to consolidate above the 1.2300 level, USD/CAD came under pressure and fell toward the 1.2210 area before finding support and steadying in a range.
The loonie was supported by oil prices during the American session, although both oil and CAD lost steam during the afternoon trade. USD/CAD has spent the last hours in a 50-pip range and it was last trading 0.39% down at 1.2230.
USD/CAD short‐term technicals
Camilla Sutton, Chief FX Strategist at Scotiabank noted that USD/CAD short‐term technicals remain bearish with most studies warning of further downside risk. “USDCAD is flirting either side of the 100-day MA, but has been trading in a 1.2088 to 1.2328 range over the last five sessions. We are using these levels as support and resistance”, she added.
The loonie was supported by oil prices during the American session, although both oil and CAD lost steam during the afternoon trade. USD/CAD has spent the last hours in a 50-pip range and it was last trading 0.39% down at 1.2230.
USD/CAD short‐term technicals
Camilla Sutton, Chief FX Strategist at Scotiabank noted that USD/CAD short‐term technicals remain bearish with most studies warning of further downside risk. “USDCAD is flirting either side of the 100-day MA, but has been trading in a 1.2088 to 1.2328 range over the last five sessions. We are using these levels as support and resistance”, she added.