7 Apr 2015
USD/CAD trims gains as crude oil soars
FXStreet (Córdoba) - USD/CAD failed to hold above 1.2500 and pulled back trimming gains as crude oil jumped to test 2015 highs.
The pair rose after the beginning of trading in Wall Street to 1.2522, reaching the highest level since Friday, but then pulled back and dropped to 1.2466. “We see limited upside (1.2525/50) and more pressure on support in the mid 1.24s ahead of a test of key support at 1.2355/60. Above 1.2565 eases near-term bear pressure on the USD”, mentioned TD Securities analysts.
The loonie climbed versus the other commodity currencies during the last hours, boosted by a rally of crude oil. The price of the barrel jumped above $53.00 and peaked at $54.60.
The pair rose after the beginning of trading in Wall Street to 1.2522, reaching the highest level since Friday, but then pulled back and dropped to 1.2466. “We see limited upside (1.2525/50) and more pressure on support in the mid 1.24s ahead of a test of key support at 1.2355/60. Above 1.2565 eases near-term bear pressure on the USD”, mentioned TD Securities analysts.
The loonie climbed versus the other commodity currencies during the last hours, boosted by a rally of crude oil. The price of the barrel jumped above $53.00 and peaked at $54.60.