20 Mar 2015
USD/CAD keeps losses below 1.2700, Canada’s data eyed
FXStreet (Mumbai) - USD/CAD fell back below 1.27 handle and remained in red in the late Asian session, shaving off gains seen in the previous session, as the US dollar corrects yesterday’s heavy gains amid steadying oil prices.
USD/CAD stuck around 1.2680
Currently, the USD/CAD trades -0.28% lower at 1.2682 levels, bouncing off fresh session lows posted 1.2674 some minutes ago. USD/CAD edged lower largely on profit-taking as traders booked profit on their USD longs after the recent strength seen in the greenback yesterday.
Moreover, stabilizing oil prices supported the loonie which also added to the losses in the USD/CAD pair. Later in the day, the pair is likely to take fresh cues from Canadian CPI and retail sales data in absence of no major US economic releases.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2705 (5-DMA) levels and above which it could extend gains 1.2725 (10-DMA) levels. To the downside immediate support might be located at 1.2628 (20-DMA) levels, below that at 1.2600 levels.
USD/CAD stuck around 1.2680
Currently, the USD/CAD trades -0.28% lower at 1.2682 levels, bouncing off fresh session lows posted 1.2674 some minutes ago. USD/CAD edged lower largely on profit-taking as traders booked profit on their USD longs after the recent strength seen in the greenback yesterday.
Moreover, stabilizing oil prices supported the loonie which also added to the losses in the USD/CAD pair. Later in the day, the pair is likely to take fresh cues from Canadian CPI and retail sales data in absence of no major US economic releases.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2705 (5-DMA) levels and above which it could extend gains 1.2725 (10-DMA) levels. To the downside immediate support might be located at 1.2628 (20-DMA) levels, below that at 1.2600 levels.