22 Jan 2015
USD/CAD heads towards fresh 6-year Highs
FXStreet (Mumbai) - The US dollar traded higher against the Canadian counterpart in a choppy Asian morning, pulling away from six-year highs reached in the previous session.
Currently, the USD/CAD pair traded higher by 0.15% at intraday high levels of 1.2362, retracing from fresh six-year highs at 1.2395 levels clocked in the previous session. The USD/CAD rallied to six year highs after the Bank of Canada (BOC) surprised financial markets by slashing the benchmark interest rate to 0.75% from 1% - the level the rate has been at since September 2010. The BOC cited negative effects of lower oil prices as the main reason for this unexpected move.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2395 levels and above which it could extend gains 1.2450 levels. To the downside immediate support might be located at 1.2340 levels, below that at 1.2300 levels.
Currently, the USD/CAD pair traded higher by 0.15% at intraday high levels of 1.2362, retracing from fresh six-year highs at 1.2395 levels clocked in the previous session. The USD/CAD rallied to six year highs after the Bank of Canada (BOC) surprised financial markets by slashing the benchmark interest rate to 0.75% from 1% - the level the rate has been at since September 2010. The BOC cited negative effects of lower oil prices as the main reason for this unexpected move.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2395 levels and above which it could extend gains 1.2450 levels. To the downside immediate support might be located at 1.2340 levels, below that at 1.2300 levels.