26 May 2015
USD/CAD consolidates gains above 1.2400
FXStreet (Córdoba) - USD/CAD consolidates gains above the 1.24 mark after staging a nice rally on the back of supportive US economic data.
USD/CAD broke above the 100-day SMA and reached its highest level in more than a month at 1.2447 before stabilizing in a slim range just below. At time of writing, the pair is trading at 1.2425, recording a 0.94% gain on Tuesday.
Coupled with USD broad strength, the loonie weakened in tandem with oil prices. Crude oil fell more than 3% to below $58.00 a barrel, weighing on the CAD.
USD/CAD technical levels
In terms of technical levels, USD/CAD could find immediate resistances at 1.2447 (daily high), 1.2500 (psychological level) and 1.2569 (Apr 15 high). On the flip side, supports are seen at 1.2365 (100-day SMA), 1.2304 (daily low) and 1.2275 (May 25 low).
USD/CAD broke above the 100-day SMA and reached its highest level in more than a month at 1.2447 before stabilizing in a slim range just below. At time of writing, the pair is trading at 1.2425, recording a 0.94% gain on Tuesday.
Coupled with USD broad strength, the loonie weakened in tandem with oil prices. Crude oil fell more than 3% to below $58.00 a barrel, weighing on the CAD.
USD/CAD technical levels
In terms of technical levels, USD/CAD could find immediate resistances at 1.2447 (daily high), 1.2500 (psychological level) and 1.2569 (Apr 15 high). On the flip side, supports are seen at 1.2365 (100-day SMA), 1.2304 (daily low) and 1.2275 (May 25 low).