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FXStreet (Edinburgh) - The Canadian dollar is now rapidly depreciating vs. its American counterpart on Friday, lifting USD/CAD to session highs near 1.2180.
USD/CAD firmer on Poloz speech
The Canadian dollar shed further ground following the appreciations by Governor S.Poloz, arguing that the lower crude oil prices are having a considerable impact on the domestic economy, although these adverse effects should be gone by the second half of 2015. He also expressed his optimism regarding the US economy.
The USD dynamics and the crude oil performance will remain the main drivers for the CAD into the next week, as the main release in the Canadian economy will be the GDP figures for the month of February, due on Thursday.
USD/CAD significant levels
At the moment the pair is advancing 0.21% at 1.2170 with the next hurdle at 1.2208 (low Apr.22) followed by 1.2250 (high Apr.23) and then 1.2328 (high Apr.16). On the downside, a breach of 1.2135 (low Apr.23) would expose 1.2100 (psychological level) and finally 1.2088 (low Apr.17).
