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3 Mar 2015
USD/CAD set to rise towards 1.2580 – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Dhwani Mehta, views that the Canadian dollar might weaken post the release of Q4 2014 GDP, anticipating a USD/CAD move towards 1.2580.
Key Quotes
“USD/CAD recovered most losses during the European session, amid a broad based US dollar recovery, as markets turn their attention towards Canada’s growth numbers in absence of significant economic data from the US due for release later in the session.”
“The pair is seen picking up strength gradually and could rise to 1.2580 levels post Canada’s Q4 2014 GDP data”
“USD/CAD is on the verge of trend line breakout on daily chart. The pair may storm its way higher to test previous highs at 1.2580 levels beyond a break above trend line resistance at 1.2550 levels.”
“On the other hand, a failure to breach the crucial resistance at 1.2550, the pair may bounce-back lower to once again test 1.2500 levels and below that doors would open for a retest of 1.2473 levels (March 2 Low).”
Key Quotes
“USD/CAD recovered most losses during the European session, amid a broad based US dollar recovery, as markets turn their attention towards Canada’s growth numbers in absence of significant economic data from the US due for release later in the session.”
“The pair is seen picking up strength gradually and could rise to 1.2580 levels post Canada’s Q4 2014 GDP data”
“USD/CAD is on the verge of trend line breakout on daily chart. The pair may storm its way higher to test previous highs at 1.2580 levels beyond a break above trend line resistance at 1.2550 levels.”
“On the other hand, a failure to breach the crucial resistance at 1.2550, the pair may bounce-back lower to once again test 1.2500 levels and below that doors would open for a retest of 1.2473 levels (March 2 Low).”