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27 Mar 2015
USD/CAD strongly bid above 1.2500
FXStreet (Mumbai) - The US dollar outperforms its Canadian counterpart in the mid-European session, taking USD/CAD higher above 1.2500 levels mainly due to increased USD bids ahead of US GDP data.
USD/CAD regains 1.25
Currently, the USD/CAD trades higher by 0.28% at 1.2516 levels, recovering from previously posted day’s low at 1.2469 levels. The US dollar remained elevated versus its Canadian neighbour largely on the back of a sharp reversal in the US dollar following better than expected US employment and services data released on Thursday.
Moreover, sliding oil prices as tensions between Saudi and Yemen eased, continues to hurt the loonie, pushing USD/CAD higher. Meanwhile, traders now eye US economic release later in the US session for fresh cues on the pair.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2533 levels and above which it could extend gains 1.2600 levels. To the downside immediate support might be located at 1.2469 levels, below that at 1.2426 levels.
USD/CAD regains 1.25
Currently, the USD/CAD trades higher by 0.28% at 1.2516 levels, recovering from previously posted day’s low at 1.2469 levels. The US dollar remained elevated versus its Canadian neighbour largely on the back of a sharp reversal in the US dollar following better than expected US employment and services data released on Thursday.
Moreover, sliding oil prices as tensions between Saudi and Yemen eased, continues to hurt the loonie, pushing USD/CAD higher. Meanwhile, traders now eye US economic release later in the US session for fresh cues on the pair.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2533 levels and above which it could extend gains 1.2600 levels. To the downside immediate support might be located at 1.2469 levels, below that at 1.2426 levels.