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10 Feb 2015
USD/CAD on its way to 1.2500
FXStreet (Mumbai) - USD/CAD advanced in the European session to fresh highs, snapping losses from the previous session as falling oil prices dented the Canadian dollar.
USD/CAD bounces-off lows
Currently, the USD/CAD pair traded at fresh session highs at 1.2488 levels, recording a 0.17% gain on the day. USD/CAD rebounding after the loonie weakened on the back of sliding oil prices. Moreover, broad based recovery in the US dollar also added to the gains in the commodity currency.
Meanwhile, the US dollar index, measuring the relative strength of the greenback versus a basket of six major currencies, reversed losses and edged higher to daily highs at 94.77 levels.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2500 levels and above which it could extend gains 1.2546 levels. To the downside immediate support might be located at 1.2453 (20-DMA) levels, below that at 1.2400 levels.
USD/CAD bounces-off lows
Currently, the USD/CAD pair traded at fresh session highs at 1.2488 levels, recording a 0.17% gain on the day. USD/CAD rebounding after the loonie weakened on the back of sliding oil prices. Moreover, broad based recovery in the US dollar also added to the gains in the commodity currency.
Meanwhile, the US dollar index, measuring the relative strength of the greenback versus a basket of six major currencies, reversed losses and edged higher to daily highs at 94.77 levels.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2500 levels and above which it could extend gains 1.2546 levels. To the downside immediate support might be located at 1.2453 (20-DMA) levels, below that at 1.2400 levels.