22 Dec 2014
USD/CAD trades near 5-DMA
FXStreet (Mumbai) - The USD/CAD pair gained ahead of the US session to trade near the 5-DMA level located at 1.1619 levels.
The pair was largely hovering between the 10-DMA and the 5-DMA located at 1.1577 and 1.1619 levels, respectively, throughout the Asian and much if the European session today. However, fresh signs of weakness emerged in the Canadian dollar after Crude oil prices declined following Saudi Oil Minister said the country will not cut production and may actually increase if the clients asks for the same.
The pair may extend gains well above the 5-DMA if the US existing home sales figure due for release today beat market expectations.
USD/CAD Technical Levels
The pair has an immediate resistance at 1.1635, above which gains could be extended to 1.1657 levels. Meanwhile, a failure to extend gains above 5-DMA located at 1.1619, may push the pair back to 1.1577 (10-DMA) levels.
The pair was largely hovering between the 10-DMA and the 5-DMA located at 1.1577 and 1.1619 levels, respectively, throughout the Asian and much if the European session today. However, fresh signs of weakness emerged in the Canadian dollar after Crude oil prices declined following Saudi Oil Minister said the country will not cut production and may actually increase if the clients asks for the same.
The pair may extend gains well above the 5-DMA if the US existing home sales figure due for release today beat market expectations.
USD/CAD Technical Levels
The pair has an immediate resistance at 1.1635, above which gains could be extended to 1.1657 levels. Meanwhile, a failure to extend gains above 5-DMA located at 1.1619, may push the pair back to 1.1577 (10-DMA) levels.