18 Dec 2014
Canadian dollar gains on Oil price rebound
FXStreet (Mumbai) - The US dollar erased moderate gains from the Asian session and fell against the Canadian counterpart as traders now focus towards a set of US economic data due for release in the US trading.
The USD/CAD pair slid -0.49% on the day to trade at 1.1574, as against previous session close of 1.1631 levels. The Canadian dollar gained against the greenback during the European session as oil prices rallied to 3% which provided further impetus to the loonie, oil being Canada’s top export. The loonie also remains supported before US unemployment Claims and Philly Fed Manufacturing Index which are expected to come in negative than market forecasts. The US dollar also remains subdued as markets digest FOMC announcement.
USD/CAD Levels to consider
To the upside, the next resistance is located at 1.1601 (5-day SMA) and above which it could extend gains to 1.1619 (10-day SMA) levels. To the downside immediate support might be located at 1.1546 (200-day SMA) and below that at 1.15 levels.
The USD/CAD pair slid -0.49% on the day to trade at 1.1574, as against previous session close of 1.1631 levels. The Canadian dollar gained against the greenback during the European session as oil prices rallied to 3% which provided further impetus to the loonie, oil being Canada’s top export. The loonie also remains supported before US unemployment Claims and Philly Fed Manufacturing Index which are expected to come in negative than market forecasts. The US dollar also remains subdued as markets digest FOMC announcement.
USD/CAD Levels to consider
To the upside, the next resistance is located at 1.1601 (5-day SMA) and above which it could extend gains to 1.1619 (10-day SMA) levels. To the downside immediate support might be located at 1.1546 (200-day SMA) and below that at 1.15 levels.