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13 Mar 2015
USD/CAD riding higher above 1.2740, Canada’s employment data eyed
FXStreet (Mumbai) - The Canadian dollar remains firmly bid above 1.27 handle against its US counterpart ahead of US opening bells as traders await Canada’s employment report for fresh cues on the pair.
USD/CAD eyes 1.2800
Currently, the USD/CAD surges 0.48% at fresh session highs of 1.2750 levels, in an attempt to retest fresh six year highs. USD/CAD soared on resumption of US dollar dominance against its major counterparts. The US dollar index which measures the relative strength of the greenback against a basket of six major currencies jumps to fresh session highs at 99.68, recording a 0.55% gain on the day.
Moreover, sliding oil prices to the tune of -2.20% continues to hurt the resource linked-loonie, pushing the pair higher to fresh highs.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2800 levels and above which it could extend gains 1.2850 levels. To the downside immediate support might be located at 1.2700 levels, below that at 1.2619 levels.
USD/CAD eyes 1.2800
Currently, the USD/CAD surges 0.48% at fresh session highs of 1.2750 levels, in an attempt to retest fresh six year highs. USD/CAD soared on resumption of US dollar dominance against its major counterparts. The US dollar index which measures the relative strength of the greenback against a basket of six major currencies jumps to fresh session highs at 99.68, recording a 0.55% gain on the day.
Moreover, sliding oil prices to the tune of -2.20% continues to hurt the resource linked-loonie, pushing the pair higher to fresh highs.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2800 levels and above which it could extend gains 1.2850 levels. To the downside immediate support might be located at 1.2700 levels, below that at 1.2619 levels.