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12 Mar 2015
USD/CAD slides with DXY, back below 1.2700
FXStreet (Mumbai) - The Canadian dollar rebounded sharply from six year lows versus its US counterpart and traded below 1.27 barrier, thanks to a broadly weaker US dollar and a solid recovery in oil prices.
USD/CAD falls back on 1.26 handle
Currently, the USD/CAD trades lower by -0.70% at fresh session lows at 1.2654 levels. The loonie regained stronger ground largely on the back of a falling US dollar as traders preferred to lock-in gains on their long USD positions ahead of crucial US retail sales and unemployment claims data later in the day.
Moreover, a rebound in oil prices from record high inventory backed slump also contributed to the gains in the loonie, dragging USD/CAD lower.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2700 levels and above which it could extend gains 1.2768 levels. To the downside immediate support might be located at 1.2600 levels, below that at 1.2571 levels.
USD/CAD falls back on 1.26 handle
Currently, the USD/CAD trades lower by -0.70% at fresh session lows at 1.2654 levels. The loonie regained stronger ground largely on the back of a falling US dollar as traders preferred to lock-in gains on their long USD positions ahead of crucial US retail sales and unemployment claims data later in the day.
Moreover, a rebound in oil prices from record high inventory backed slump also contributed to the gains in the loonie, dragging USD/CAD lower.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2700 levels and above which it could extend gains 1.2768 levels. To the downside immediate support might be located at 1.2600 levels, below that at 1.2571 levels.