The Canadian dollar got a boost from oil prices: this helped the loonie gain against the greenback, with USD/CAD falling below 1.16. The balanced rate statement from the Fed even sent the pair lower. There were quite a few reasons to see the pair as topping out, and now we have a double top, that may or may not stay intact. However, the strength of the C$ did not persist when US Fed Chair Janet Yellen began talking. Yellen basically said that rates will rise in 2015, erasing doubts. She did say rates will not rise in the next “couple of meetings” and some markets see it as a hint for a hike in April. Her view on employment was positive and her view on oil prices was a “net positive”. She sees lower inflation as transitory. This sent the Canadian dollar back down against the greenback and an interesting pattern on the chart: a double top in USD/CAD at 1.6670. Above 1.1670 we have the round number of 1.17 and later it’s levels last seen in 2009. On the downside we can point out the round 1.16 level. More: CAD: Loonie Taking Notes From Nokkie; What’s Next? – CIBC Here is how it looks on the Dollar/CAD hourly chart: Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next EUR/USD loses a couple of support lines on Yellen’s Yohay Elam 7 years The Canadian dollar got a boost from oil prices: this helped the loonie gain against the greenback, with USD/CAD falling below 1.16. The balanced rate statement from the Fed even sent the pair lower. There were quite a few reasons to see the pair as topping out, and now we have a double top, that may or may not stay intact. However, the strength of the C$ did not persist when US Fed Chair Janet Yellen began talking. Yellen basically said that rates will rise in 2015, erasing doubts. She did say rates will not rise in the next "couple… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
