OctaFX | OctaFX Forex Broker
Open trading account

USD/CAD through 1.33 on dovish BoC

FXStreet (Edinburgh) - The Canadian dollar is now intensifying its downside vs. the greenback, lifting USD/CAD to test session tops beyond the 1.3300 handle.

USD/CAD stronger on BoC, oil

The selling interest is now picking up pace around CAD following the dovish remarks by BoC Deputy Governor C.Wilkins, who hinted at further ‘lower for longer’ monetary stance by the central bank in order to reach the inflation target.

Adding to CAD weakness, crude oil prices are extending its march south today, currently hovering over the $41.30 area, or 3-month lows.

On the data front, US Retail Sales and Producer Prices have missed expectations for the month of October, while the Reuters/Michigan index is coming next.

USD/CAD levels to consider

As of writing, the pair is up 0.31% at 1.3323 and a breakout of 1.3355 (high Aug.25) would aim for 1.3400 (psychological level) and then 1.3458 (high Sep.29). On the other hand, the immediate support lines up at 1.3181 (55-day sma) ahead of 1.3143 (50% Fibo of 1.3459-1.2827) and finally 1.3090 (100-day sma).

EUR/NOK hints at dip buying

EUR/NOK hints at dip buying
Read more Previous

Gold: back to square one after US data

Gold prices revisited daily highs around USD 1088/Oz on the back of a weaker than expected US data, only to fall back to USD 1180/Oz as the USD recovered losses.
Read more Next
Start livechat