The Canadian dollar is now rapidly depreciating vs. its fellow neighbor, catapultingUSD/CAD to fresh multi-year highs near 1.2680.
USD/CAD stronger as CAD deflates
The offered tone in the CAD is intensifying during the European evening, with market rumours citing option barriers at 1.2600 and 1.2650 acting as the main drivers. In the same direction, the upbeat tone in the greenback continues to gather pace vs. its main competitors, collaborating in the upside.
Next of note for the pair will be the GDP figures in Canada during the month of November, with prior survey pointing at a flat reading vs. the previous 0.3% expansion, which could add further weakness to the CAD.
USD/CAD relevant levels
The pair is now up 1.13% at 1.2665 and a surpass of 1.2700 (psychological level) would open the door to 1.2718 (high Apr.1 2009) and finally 1.2750 (high Mar.18 2009). On the flip side, the immediate support lines up at 1.2606 (high Apr.2 2009) ahead of 1.2512 (low Jan.29) and followed by 1.2500 (psychological level).
USD/CAD stronger as CAD deflates
The offered tone in the CAD is intensifying during the European evening, with market rumours citing option barriers at 1.2600 and 1.2650 acting as the main drivers. In the same direction, the upbeat tone in the greenback continues to gather pace vs. its main competitors, collaborating in the upside.
Next of note for the pair will be the GDP figures in Canada during the month of November, with prior survey pointing at a flat reading vs. the previous 0.3% expansion, which could add further weakness to the CAD.
USD/CAD relevant levels
The pair is now up 1.13% at 1.2665 and a surpass of 1.2700 (psychological level) would open the door to 1.2718 (high Apr.1 2009) and finally 1.2750 (high Mar.18 2009). On the flip side, the immediate support lines up at 1.2606 (high Apr.2 2009) ahead of 1.2512 (low Jan.29) and followed by 1.2500 (psychological level).
