7 Apr 2015
USD/CAD rejected at 1.25
FXStreet (Mumbai) - USD/CAD halts its winning streak from the previous session and wavers around 5-DMA during the European session, as the pair fails to sustain above 1.25 barrier despite strengthening greenback and falling oil prices.
USD/CAD little affected by stronger USD
Currently, the USD/CAD trades higher by 0.10% at 1.2492, retreating from fresh session highs posted at 1.2503 some time ago. The USD/CAD pair has formed a doji on the daily chart unable to find a clear direction amid lack of significant economic data from the US and Canada.
A broadly stronger USD failed to build further momentum in the USD/CAD pair while sliding oil prices after Goldman Sachs lower price forecasts also failed to hurt the loonie, pushing the pair higher.
Looking ahead, FOMC minutes to be published tomorrow may provide cues to set fresh direction 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 1.2569 (10-DMA) levels. To the downside immediate support might be located at 1.2450 levels, below that at 1.2400 levels.
USD/CAD little affected by stronger USD
Currently, the USD/CAD trades higher by 0.10% at 1.2492, retreating from fresh session highs posted at 1.2503 some time ago. The USD/CAD pair has formed a doji on the daily chart unable to find a clear direction amid lack of significant economic data from the US and Canada.
A broadly stronger USD failed to build further momentum in the USD/CAD pair while sliding oil prices after Goldman Sachs lower price forecasts also failed to hurt the loonie, pushing the pair higher.
Looking ahead, FOMC minutes to be published tomorrow may provide cues to set fresh direction 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 1.2569 (10-DMA) levels. To the downside immediate support might be located at 1.2450 levels, below that at 1.2400 levels.