FXstreet.com (Barcelona) - The CAD is strengthening against the USD along of the European session, specially after the better than expected Feb Canadian CPI. The USD/CAD has fallen 200 pips and it is goin towards the 1.2200 level.
Canadian CPI has risen 0.5% between January and February and has posted an inflation of 1,9% YoY, better results than expected.
After the FOMC statement, the USD/CAD has fallen more than 500 pips from the 1.2727 to the currently intraday low of 1.2186.
According to Valeria Bednarik, FXstreet.com Collaborator, the CAd is appreciating on the general negative sentiment on the greenback and the oil prices above 50.00 Dollars: With the general negative sentiment against greenback and oil above 50.00 dollars el barrel, Cad continues appreciating sending USD /CAD has just tested the 1.2230 zone. Indicators remain pointing to the downside, the pair could attempt to test the daily ascendant trend line around 1.2100 despite the oversold state 4 hours charts shown. From actual 1.2260 consider supports at 1.2237, 1.2200 1.2153 and the mentioned trend line, right now at 1.2113. Daily close under the line, will confirm longer a longer term bearish continuation. Resistances from actual price will be at 1.2280, 1.2316, 1.2375 and finally 1.2446.