25 Feb 2015
USD/CAD extends losses to 1.2440
FXStreet (Mumbai) - USD/CAD extended its downslide and fell to fresh three-day lows in the European session as a weaker US dollar continues to drag the pair lower.
USD/CAD back below 1.2500
Currently, the USD/CAD trades lower by -0.36% near fresh three-day lows at 1.2440 levels. The pair continued its downward trajectory as the US dollar extends losses ahead of another round of Yellen’s testimony before the House and US macro data later in the day.
The pair lost momentum after BOC Poloz hinted that the central bank might take a wait-and-see approach at the upcoming March 4 meeting after last month's surprising rate cut, boosting the CAD bulls.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2500 levels and above which it could extend gains 1.2548 levels. To the downside immediate support might be located at 1.2431 levels, below that at 1.2400 levels.
USD/CAD back below 1.2500
Currently, the USD/CAD trades lower by -0.36% near fresh three-day lows at 1.2440 levels. The pair continued its downward trajectory as the US dollar extends losses ahead of another round of Yellen’s testimony before the House and US macro data later in the day.
The pair lost momentum after BOC Poloz hinted that the central bank might take a wait-and-see approach at the upcoming March 4 meeting after last month's surprising rate cut, boosting the CAD bulls.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2500 levels and above which it could extend gains 1.2548 levels. To the downside immediate support might be located at 1.2431 levels, below that at 1.2400 levels.