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12 Mar 2015
USD/CAD in lows around 0.2725
FXStreet (Mumbai) - The Canadian dollar bounced-back from six year lows against the US dollar and held on to gains in the early European morning as a relatively lower US dollar and higher oil prices continues to weigh on USD/CAD.
US macro data in focus
Currently, the USD/CAD trades lower by -0.19% near fresh session lows at 1.2721 levels, having previously posted day’s high at 1.2768. The pair ticked down largely on profit-booking as the traders preferred to lock-in gains ahead of key US macro data later in the day.
Moreover, a stall in the greenback rally also knocked of USD/CAD to fresh session lows and away from fresh six year highs reached at 1.2798 levels in the previous session.
Further, a recovery in oil prices also supported the Canadian dollar, dragging the pair in to red. Meanwhile, traders now shift their focus towards a series of Canadian and US economic releases for fresh incentives for the pair.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2768 levels and above which it could extend gains 1.2798 levels. To the downside immediate support might be located at 1.2700 levels, below that at 1.2662 levels.
US macro data in focus
Currently, the USD/CAD trades lower by -0.19% near fresh session lows at 1.2721 levels, having previously posted day’s high at 1.2768. The pair ticked down largely on profit-booking as the traders preferred to lock-in gains ahead of key US macro data later in the day.
Moreover, a stall in the greenback rally also knocked of USD/CAD to fresh session lows and away from fresh six year highs reached at 1.2798 levels in the previous session.
Further, a recovery in oil prices also supported the Canadian dollar, dragging the pair in to red. Meanwhile, traders now shift their focus towards a series of Canadian and US economic releases for fresh incentives for the pair.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2768 levels and above which it could extend gains 1.2798 levels. To the downside immediate support might be located at 1.2700 levels, below that at 1.2662 levels.