29 Apr 2015
USD/CAD off 3-month lows near 1.2030
FXStreet (Mumbai) - The US dollar trades muted versus its Canadian counterpart in the European session, keeping USD/CAD near fresh three month lows, largely as the US dollar resumed its downslide across the board ahead of FOMC statement due later in the day. While falling oil prices continues to dent the loonie cushioning the downside in USD/CAD.
US GDP and FOMC eyed
Currently, the USD/CAD trades dead flat at 1.2028, retracing from fresh three month lows reached at 1.2013. The USD/CAD treads water amid persistent USD softness while markets turn cautious ahead of key US data and the Fed statement.
However, weaker crude prices ahead of EIA weekly inventory report continues to weigh on the loonie, restricting the downside in USD/CAD.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2100 levels and above which it could extend gains 1.2196 levels. To the downside immediate support might be located at 1.2000 levels, below that at 1.1930 levels.
US GDP and FOMC eyed
Currently, the USD/CAD trades dead flat at 1.2028, retracing from fresh three month lows reached at 1.2013. The USD/CAD treads water amid persistent USD softness while markets turn cautious ahead of key US data and the Fed statement.
However, weaker crude prices ahead of EIA weekly inventory report continues to weigh on the loonie, restricting the downside in USD/CAD.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2100 levels and above which it could extend gains 1.2196 levels. To the downside immediate support might be located at 1.2000 levels, below that at 1.1930 levels.