19 Feb 2015
USD/CAD likely to attack 1.2500
FXStreet (Mumbai) - USD/CAD continues its upward trajectory in the European session, as renewed US dollar strength and falling oil prices continue to push the pair higher.
USD/CAD lifted on USD strength
Currently, the USD/CAD trades higher by 0.30% at fresh session highs of 1.2490 levels. The pair extended gains, largely on US dollar recovery against major peers. The US dollar index, which measures the relative strength of the greenback versus six major currencies, also rallied to new daily highs at 94.33, up 0.21% on the day.
Moreover, plummeting oil prices on expectations of upsurge in crude inventories at fresh record high levels dents the loonie, boosting USD/CAD. Canada is highly dependent on oil revenues as oil is the country’s top export product.
Meanwhile, traders now focus on major US economic data due for release later in the day for further momentum on the pair.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2500 levels and above which it could extend gains 1.2538 levels. To the downside immediate support might be located at 1.2447 (5-DMA) levels, below that at 1.2400 levels.
USD/CAD lifted on USD strength
Currently, the USD/CAD trades higher by 0.30% at fresh session highs of 1.2490 levels. The pair extended gains, largely on US dollar recovery against major peers. The US dollar index, which measures the relative strength of the greenback versus six major currencies, also rallied to new daily highs at 94.33, up 0.21% on the day.
Moreover, plummeting oil prices on expectations of upsurge in crude inventories at fresh record high levels dents the loonie, boosting USD/CAD. Canada is highly dependent on oil revenues as oil is the country’s top export product.
Meanwhile, traders now focus on major US economic data due for release later in the day for further momentum on the pair.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2500 levels and above which it could extend gains 1.2538 levels. To the downside immediate support might be located at 1.2447 (5-DMA) levels, below that at 1.2400 levels.