13 Aug 2015
USD/CAD testing highs near 1.3010
FXStreet (Mumbai) - USD/CAD is seen consolidating around 1.30 barrier in the European session, finding it difficult to extends gains despite rising US dollar as markets remain cautious ahead of a set of crucial US macro data due for release in New York session.
USD/CAD clings to 1.30 handle
Currently, the USD/CAD pair trades 0.21% higher at 1.3005, hovering close to session highs printed at 1.3016, dropping more than 100 pips from 1.3158 highs. USD/CAD remains well bid during this session awaiting fresh incentives from the upcoming data flow for further moves.
Meanwhile, muted oil prices in the US hovering near 6-yr lows ($ 43.13) on Thursday also failed to lift the CAD bulls, pushing USD/CAD higher.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.3095 (July 31 High) levels and above which it could extend gains to 1.3158 (Today’s High). To the downside, immediate support might be located at 1.2959 (Today’s Low) levels and below that at 1.2907 (July 28 Low).
USD/CAD clings to 1.30 handle
Currently, the USD/CAD pair trades 0.21% higher at 1.3005, hovering close to session highs printed at 1.3016, dropping more than 100 pips from 1.3158 highs. USD/CAD remains well bid during this session awaiting fresh incentives from the upcoming data flow for further moves.
Meanwhile, muted oil prices in the US hovering near 6-yr lows ($ 43.13) on Thursday also failed to lift the CAD bulls, pushing USD/CAD higher.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.3095 (July 31 High) levels and above which it could extend gains to 1.3158 (Today’s High). To the downside, immediate support might be located at 1.2959 (Today’s Low) levels and below that at 1.2907 (July 28 Low).