26 May 2015
USD/CAD nears 50% Fib retracement resistance
FXStreet (Mumbai) - The USD/CAD pair trades just below 1.2375, which is the 50% Fib retracement of the fall from 1.2832-1.1917 ahead of the US durable goods report in the US.
CAD under pressure due to weak Crude
The Canadian dollar fell against the USD, largely in-line with the weakness seen in other major currencies. However, the CAD was also hurt by the drop in the Crude prices. The currency pair rose to a high of 1.2371, before paring gains slightly to trade at 1.2365.
The USD/CAD pair could rise above the 50% Fib R at 1.2375 in case the US data signals expansion in the durable goods orders in April, contradicting the 0.4% fall expected by the street.
USD/CAD Technical Levels
The immediate resistance is seen at 1.2375 (50% R of 1.2832-1.1917), above which he pair could rise to 1.2413 (100-DMA). On the other hand, rejection at 1.2375 could push the pair down to 1.2268 (38.2% R of 1.2832-1.1917).
CAD under pressure due to weak Crude
The Canadian dollar fell against the USD, largely in-line with the weakness seen in other major currencies. However, the CAD was also hurt by the drop in the Crude prices. The currency pair rose to a high of 1.2371, before paring gains slightly to trade at 1.2365.
The USD/CAD pair could rise above the 50% Fib R at 1.2375 in case the US data signals expansion in the durable goods orders in April, contradicting the 0.4% fall expected by the street.
USD/CAD Technical Levels
The immediate resistance is seen at 1.2375 (50% R of 1.2832-1.1917), above which he pair could rise to 1.2413 (100-DMA). On the other hand, rejection at 1.2375 could push the pair down to 1.2268 (38.2% R of 1.2832-1.1917).