9 Mar 2015
USD/CAD slides below 1.2600
FXStreet (Mumbai) - USD/CAD reversed previous gains and fell to fresh lows during the European session, as the US dollar was sold-off across the board on a bout of profit-taking after the last week’s surge.
Strong USD weighs on USD/CAD
Currently, the USD/CAD trades lower by -0.35% at 1.2577 levels, having previously posted a new session low at 1.2585. The pair shaved-off gains and fell in red as the traders sought to book profits on their long positions after the greenback hit mutli-year highs on better than estimated US employment data released on Friday. Moreover, markets viewed the rally in USD/CAD as excessive and preferred to lock in gains.
Moreover, traders remain wary ahead of the Euro group meeting which may have major impacts on the US dollar.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2600 levels and above which it could extend gains 1.2650 levels. To the downside immediate support might be located at 1.2565 levels, below that at 1.2534 levels.
Strong USD weighs on USD/CAD
Currently, the USD/CAD trades lower by -0.35% at 1.2577 levels, having previously posted a new session low at 1.2585. The pair shaved-off gains and fell in red as the traders sought to book profits on their long positions after the greenback hit mutli-year highs on better than estimated US employment data released on Friday. Moreover, markets viewed the rally in USD/CAD as excessive and preferred to lock in gains.
Moreover, traders remain wary ahead of the Euro group meeting which may have major impacts on the US dollar.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2600 levels and above which it could extend gains 1.2650 levels. To the downside immediate support might be located at 1.2565 levels, below that at 1.2534 levels.