USD/CAD: Critical support looms at the 1.20 level – OCBC
|The USD/CAD pair was taken back to Wednesday’s levels after the retracement of the broad USD. Terence Wu, FX Strategist at OCBC Bank, highlights the 1.2050 and 1.2000 marks as the next support levels though expects the loonie to enter a phase of consolidation.
Potential CAD consolidation
“1.2050 would be the first support, before stronger supports around the 1.2000 level.”
“Expect the pace of CAD appreciation to slow down at current levels.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.