Forex: USD/CAD heading to parity on dovish BoC
Forex pairs in this Article »
USD/CAD
FXstreet.com (San Francisco) - The USDCAD jumped around 80 pips following the BoC rate decision. The pair rose from the 0.99 lows area to break above the 0.9970 resistance, Dec. 28th and 30 highs, to reach levels around 0.9980, Just ahead of the 1.0000 parity level.
USDCAD soared after latest news, reaching a 4-week high of 0.9970, where it holds. "Although short term bullish," comments FXstreet.com Chief Analyst, "current upward momentum will be challenged if price attempts to break above parity, immediate resistance level."
"Steady gains above, may see the pair extending towards 1.0180 in the upcoming days, although rigth now, chances are limited. 0.9940 and 0.9900 are now supports for the short term," points Bednarik.
USDCAD soared after latest news, reaching a 4-week high of 0.9970, where it holds. "Although short term bullish," comments FXstreet.com Chief Analyst, "current upward momentum will be challenged if price attempts to break above parity, immediate resistance level."
"Steady gains above, may see the pair extending towards 1.0180 in the upcoming days, although rigth now, chances are limited. 0.9940 and 0.9900 are now supports for the short term," points Bednarik.
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