1 Oct 2015
USD/CAD drops to 1.3260 on rising oil prices
FXStreet (Mumbai) - The Canadian dollar extends its corrective rally for the second straight session against the American dollar during the European session, knocking-off USD/CAD to fresh weekly lows on 1.32 handle.
USD/CAD drops below 20-DMA
Currently, the USD/CAD pair trades -0.45% lower at 1.3260, having offered relentlessly from 1.3320 highs. The USD/CAD pair loses ground for a second day in a row as the resource-linked loonie receives support from the ongoing recovery in oil prices. The US oil, WTI, rallies over 2.5% to $ 46.30 while its European counterpart, Brent trades 2% higher at $ 49.50.
Moreover, the US dollar pares losses against its major competitors as risk-sentiment seems to ease amid a slew of disappointing PMI from the Eurozone. The USD index now trades 0.08% higher at 96.49, retreating from daily highs posted at 96.64.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.3320 (Today’s High) levels and above which it could extend gains to 1.3358 (Sept 23 High). To the downside, immediate support might be located at 1.3229 (Sept 23 Low) levels and below that at 1.3172 (Sept 21 Low).
USD/CAD drops below 20-DMA
Currently, the USD/CAD pair trades -0.45% lower at 1.3260, having offered relentlessly from 1.3320 highs. The USD/CAD pair loses ground for a second day in a row as the resource-linked loonie receives support from the ongoing recovery in oil prices. The US oil, WTI, rallies over 2.5% to $ 46.30 while its European counterpart, Brent trades 2% higher at $ 49.50.
Moreover, the US dollar pares losses against its major competitors as risk-sentiment seems to ease amid a slew of disappointing PMI from the Eurozone. The USD index now trades 0.08% higher at 96.49, retreating from daily highs posted at 96.64.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.3320 (Today’s High) levels and above which it could extend gains to 1.3358 (Sept 23 High). To the downside, immediate support might be located at 1.3229 (Sept 23 Low) levels and below that at 1.3172 (Sept 21 Low).