27 Jul 2015
USD/CAD flirting with 1.3 handle
FXStreet (Mumbai) - The USD/CAD pair is trading around 1.3 handle, after having recovered from the low of 1.2979 as the moderate weakness in oil restricted gains in the CAD.
Supported by hourly 200-MA
The spot sought support at the hourly 200-MA after having ran into offers at a high of 1.3038. The broad based weakness in the USD triggered by the rise in Gold prices pushed the pair lower, however, 0.60% weakness seen in WTI crude restricted gains in the CAD.
Ahead in the day, the spot could be influenced by the US durable goods orders data. The weakness in the Chinese stocks has not rubbed off commodity currencies for now, however, further losses in Crude during the day may hurt the CAD.
USD/CAD Technical Levels
The immediate support is seen at 1.2980 (hourly 200-MA), followed by another support at 1.2916 (July 21 low). On the flip side, resistance 1.3038 (daily high) and 1.3102 (July 24 high).
Supported by hourly 200-MA
The spot sought support at the hourly 200-MA after having ran into offers at a high of 1.3038. The broad based weakness in the USD triggered by the rise in Gold prices pushed the pair lower, however, 0.60% weakness seen in WTI crude restricted gains in the CAD.
Ahead in the day, the spot could be influenced by the US durable goods orders data. The weakness in the Chinese stocks has not rubbed off commodity currencies for now, however, further losses in Crude during the day may hurt the CAD.
USD/CAD Technical Levels
The immediate support is seen at 1.2980 (hourly 200-MA), followed by another support at 1.2916 (July 21 low). On the flip side, resistance 1.3038 (daily high) and 1.3102 (July 24 high).