23 Mar 2015
USD/CAD advances with DXY, eyes 1.2600
FXStreet (Mumbai) - The US dollar fought its way back against the Canadian counterpart in the European morning, after a massive sell-off witness in the last week, as the USD bulls jumped back in to the bids correcting partial FOMC induced losses.
USD/CAD supported above 1.2550
Currently, the USD/CAD pair trades higher by 0.24% at fresh session highs of 1.2583 levels, recovering from previous posted day’s low at 1.2536 levels. The US dollar edged higher against the Canadian dollar largely on the back of a short-covering rally as traders took to locking-in gains on their USD shorts after the recent sell-off.
Moreover, extended weakness in oil prices on Saudi’s Arabia’s oil minister’s bearish comments continues to undermine the resource-lined loonie, pushing USD/CHF towards 1.26 barrier.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2600 levels and above which it could extend gains 1.2629 levels. To the downside immediate support might be located at 1.2536 levels, below that at 1.2500 levels.
USD/CAD supported above 1.2550
Currently, the USD/CAD pair trades higher by 0.24% at fresh session highs of 1.2583 levels, recovering from previous posted day’s low at 1.2536 levels. The US dollar edged higher against the Canadian dollar largely on the back of a short-covering rally as traders took to locking-in gains on their USD shorts after the recent sell-off.
Moreover, extended weakness in oil prices on Saudi’s Arabia’s oil minister’s bearish comments continues to undermine the resource-lined loonie, pushing USD/CHF towards 1.26 barrier.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2600 levels and above which it could extend gains 1.2629 levels. To the downside immediate support might be located at 1.2536 levels, below that at 1.2500 levels.