17 Feb 2015
USD/CAD supported above 1.2400
FXStreet (Mumbai) - USD/CAD fell further in the European session, extending losses from the previous session as rising oil prices continue to support the resource-linked loonie.
USD/CAD trades around hourly 5-SMA
Currently, the USD/CAD lower by -0.14% at 1.2447 levels, having posted fresh session lows at 1.2435 levels some minutes ago. The pair remains lower as traders remain wary ahead of release of FOMC meeting minutes on Wednesday and key Canadian retail trade data on Friday. Moreover, higher oil prices are also likely to keep the loonie underpinned.
Meanwhile, the pair is expected to remain pressured until it breaches stiff resistance at 1.2478 levels as traders now eye US and Canadian macro data later today for further moves on the pair.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2478 levels and above which it could extend gains 1.2506 (10-DMA) levels. To the downside immediate support might be located at 1.2418 levels, below that at 1.2390 levels.
USD/CAD trades around hourly 5-SMA
Currently, the USD/CAD lower by -0.14% at 1.2447 levels, having posted fresh session lows at 1.2435 levels some minutes ago. The pair remains lower as traders remain wary ahead of release of FOMC meeting minutes on Wednesday and key Canadian retail trade data on Friday. Moreover, higher oil prices are also likely to keep the loonie underpinned.
Meanwhile, the pair is expected to remain pressured until it breaches stiff resistance at 1.2478 levels as traders now eye US and Canadian macro data later today for further moves on the pair.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2478 levels and above which it could extend gains 1.2506 (10-DMA) levels. To the downside immediate support might be located at 1.2418 levels, below that at 1.2390 levels.