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31 Dec 2014
USD/CAD bounces off 2-week lows
FXStreet (Córdoba) - USD/CAD managed to hold support at the 1.1570 area and bounced toward the 1.1600 mark at the beginning of the American session as oil extends its decline weighing on the loonie.
Meanwhile, disappointing US jobless claims data had little impact on the pair. Claims for unemployment benefits unexpectedly rose by 17K to 298K last week, recording the highest level in nearly 2 months and above the 280K expected. USD/CAD is currently trading at the 1.1600 zone, still a few pips below its opening price.
"Overall, the CAD is poised to end 2014 with a loss in excess of 8% against the USD, except for 2009, its largest annual decline since 1992", says the TD Securities team. "We believe more CAD weakness lies ahead, and our 1.19 forecast for end Q3 could come to fruition earlier in the new year, especially if crude oil prices keep sliding. Bottom line, take advantage of dips to extend USD/CAD longs".
Meanwhile, disappointing US jobless claims data had little impact on the pair. Claims for unemployment benefits unexpectedly rose by 17K to 298K last week, recording the highest level in nearly 2 months and above the 280K expected. USD/CAD is currently trading at the 1.1600 zone, still a few pips below its opening price.
"Overall, the CAD is poised to end 2014 with a loss in excess of 8% against the USD, except for 2009, its largest annual decline since 1992", says the TD Securities team. "We believe more CAD weakness lies ahead, and our 1.19 forecast for end Q3 could come to fruition earlier in the new year, especially if crude oil prices keep sliding. Bottom line, take advantage of dips to extend USD/CAD longs".