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23 Feb 2015
USD/CAD: Consolidating ahead of key speeches
FXStreet (Guatemala) - USD/CAD is currently trading at 1.2581 with a high of 1.2626 and a low of 1.2522.
USD/CAD is making hard work of the 1.26 handle and the rally here has been capped for the time being and consolidating the extension from 1.2447 that was made in the final trading session of last week. Without wonder, we have a key day ahead of us tomorrow with Yellen commencing her testimony and also Poloz making a speech.
Analysts at TD Securities explained that they generally feel that USD/CAD is in consolidation mode at the moment also, but said that near-term price action needs to be monitored very closely as the underlying bull trend looks to be trying to get back on track.
"USD/CAD is struggling intraday around the 1.26 area—effectively the top of the consolidation range in place since January; a sustained push above this level may be hard to sustain near-term but a clear move higher should see USD/CAD test 1.2695/00 fairly quickly."
USD/CAD is making hard work of the 1.26 handle and the rally here has been capped for the time being and consolidating the extension from 1.2447 that was made in the final trading session of last week. Without wonder, we have a key day ahead of us tomorrow with Yellen commencing her testimony and also Poloz making a speech.
Analysts at TD Securities explained that they generally feel that USD/CAD is in consolidation mode at the moment also, but said that near-term price action needs to be monitored very closely as the underlying bull trend looks to be trying to get back on track.
"USD/CAD is struggling intraday around the 1.26 area—effectively the top of the consolidation range in place since January; a sustained push above this level may be hard to sustain near-term but a clear move higher should see USD/CAD test 1.2695/00 fairly quickly."