12 May 2015
USD/CAD testing lows near 1.2030
FXStreet (Mumbai) - The US dollar pared previous gains and dropped to fresh four day lows against its Canadian counterpart in the European session, with USD/CAD extending declines towards 1.20 handle, mainly driven by heavily offered US dollar across the board together with a sharp rebound seen in oil prices.
USD/CAD back on 1.20 handle
Currently, the USD/CAD trades lower by -0.59% at 1.2033, testing fresh four day low at 1.2026 levels. The USD/CAD pair extends losses as the resource-linked loonie strengthened amid a solid come back in oil prices ahead of OPEC report. Oil is Canada’s top export.
Moreover, persistent broad based US dollar weakness also hurts USD/CAD, dragging it from 1.2108 daily highs. The US dollar index (DXY) which measures the relative strength of the greenback versus six major currencies now trades at 94.48, down -0.67% on the day.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2108 levels and above which it could extend gains 1.2146 levels. To the downside immediate support might be located at 1.2000 levels, below that at 1.1932 (April 29 Low).
USD/CAD back on 1.20 handle
Currently, the USD/CAD trades lower by -0.59% at 1.2033, testing fresh four day low at 1.2026 levels. The USD/CAD pair extends losses as the resource-linked loonie strengthened amid a solid come back in oil prices ahead of OPEC report. Oil is Canada’s top export.
Moreover, persistent broad based US dollar weakness also hurts USD/CAD, dragging it from 1.2108 daily highs. The US dollar index (DXY) which measures the relative strength of the greenback versus six major currencies now trades at 94.48, down -0.67% on the day.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2108 levels and above which it could extend gains 1.2146 levels. To the downside immediate support might be located at 1.2000 levels, below that at 1.1932 (April 29 Low).