28 Apr 2015
USD/CAD hits fresh 3-month lows near 1.2060
FXStreet (Mumbai) - The US dollar extends its slide for the second day in a row versus its Canadian rival in the European session, knocking-off USD/CAD near fresh three month lows, largely as the US dollar remains heavily sold-off across the board ahead of FOMC statement due out tomorrow. While retreating oil prices from daily lows supports the loonie adding to further losses in the commodity currency.
USD/CAD drops on weaker USD
Currently, the USD/CAD trades lower by -0.23% at fresh three month lows at 1.2058, giving up 1.21 handle on USD softness. The USD/CAD pair remains pressured as the US dollar was relentlessly offered versus its major competitors as traders preferred to wind up USD longs ahead of key US GDP data and FOMC decision tomorrow.
Moreover, a solid recovery in crude prices today to USD 56.71/barrel from USD 56 lows also boosted the Canadian dollar, dragging USD/CAD lower.
Meanwhile, markets now shift their attention towards fresh batch of US economic releases which may offer further incentives for the USD/CAD pair.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2100 levels and above which it could extend gains 1.2196 levels. To the downside immediate support might be located at 1.2000 levels, below that at 1.1930 levels.
USD/CAD drops on weaker USD
Currently, the USD/CAD trades lower by -0.23% at fresh three month lows at 1.2058, giving up 1.21 handle on USD softness. The USD/CAD pair remains pressured as the US dollar was relentlessly offered versus its major competitors as traders preferred to wind up USD longs ahead of key US GDP data and FOMC decision tomorrow.
Moreover, a solid recovery in crude prices today to USD 56.71/barrel from USD 56 lows also boosted the Canadian dollar, dragging USD/CAD lower.
Meanwhile, markets now shift their attention towards fresh batch of US economic releases which may offer further incentives for the USD/CAD pair.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2100 levels and above which it could extend gains 1.2196 levels. To the downside immediate support might be located at 1.2000 levels, below that at 1.1930 levels.