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Market Analysis

Home » Charts » 05/12/15: USDCAD Dips Below 1.21

05/12/15: USDCAD Dips Below 1.21

Posted by FXTimes in Charts - May 12th, 2015 1:15 pm GMT

The USDCAD continued to trade within a predictable range on Tuesday, with the latest dip below 1.2100 signaling a buy opportunity.

The USDCAD bottomed out at 1.2025 on Tuesday after climbing to a high of 1.2140 on Monday. The pair subsequently consolidated at 1.2048 in Tuesday’s New York session, down 0.4 percent. The 1.2170 is a key level for the pair, as it signals fair market value, according to TD Securities. Initial resistance is located at 1.2061. A break below that level would lead to 1.2018, the closing rate from April 30. On the upside, initial resistance is likely found at 1.2145.


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