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29 Dec 2014
USD/CAD: Focus remains Oil prices – Scotiabank
FXStreet (Barcelona) - Eric Theoret, CFA, CMT, Currency Strategist at Scotiabank, notes that the consolidating USD/CAD pair will be relying on the broader market tone for direction in the absence of domestic data, with oil prices likely to remain a focus.
Key Quotes
“USDCAD is quiet ahead of the NA session as it continues to consolidate within its range from mid-December. The absence of domestic data should leave CAD trading on the broader market tone, with oil prices likely to remain a focus despite the absence of a material reaction to the possibility of a tightened global supply.”
“The recent consolidation has pushed USDCAD momentum indicators back toward a neutral bias, with the 9 day MA (1.1616) serving as an near term anchor. Focus remains on the Dec 17 doji, whose 1.1561 to 1.1672 range provides expected support and resistance.”
Key Quotes
“USDCAD is quiet ahead of the NA session as it continues to consolidate within its range from mid-December. The absence of domestic data should leave CAD trading on the broader market tone, with oil prices likely to remain a focus despite the absence of a material reaction to the possibility of a tightened global supply.”
“The recent consolidation has pushed USDCAD momentum indicators back toward a neutral bias, with the 9 day MA (1.1616) serving as an near term anchor. Focus remains on the Dec 17 doji, whose 1.1561 to 1.1672 range provides expected support and resistance.”