7 Jul 2015
USD/CAD jumps above 1.2700 – at 4-month highs
FXStreet (Mumbai) - The US dollar jolted higher against its Canadian counterpart during the European session, lifting USD/CAD to fresh multi-month highs above 1.27 barrier. The pair extends its winning streak in to a third day largely supported by broad based US dollar strength amid increasing demand for safety assets such as greenback.
USD/CAD rises from 1.2563
Currently, the USD/CAD pair trades 0.48% higher at 1.2712, retracing from fresh four month highs printed at 1.2732. The Canadian dollar failed to sustain against the greenback despite a rebound in oil prices as the USD bulls stormed its way higher, bolstering the US dollar to a new five week high versus its major competitors.
Looking ahead, the North American session offers crucial trades figures from Canada as well as the US while US JOLTS job openings will also be published later today.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2785 (March 29 High) levels and above which it could extend gains to 1.2825 (March 8 High) levels. To the downside, immediate support might be located at 1.2563 (Today’s Low) levels and below that at 1.2500 levels.
USD/CAD rises from 1.2563
Currently, the USD/CAD pair trades 0.48% higher at 1.2712, retracing from fresh four month highs printed at 1.2732. The Canadian dollar failed to sustain against the greenback despite a rebound in oil prices as the USD bulls stormed its way higher, bolstering the US dollar to a new five week high versus its major competitors.
Looking ahead, the North American session offers crucial trades figures from Canada as well as the US while US JOLTS job openings will also be published later today.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2785 (March 29 High) levels and above which it could extend gains to 1.2825 (March 8 High) levels. To the downside, immediate support might be located at 1.2563 (Today’s Low) levels and below that at 1.2500 levels.