25 Aug 2015
USD/CAD rejected at 1.3300, drops 1 big figure
FXStreet (Mumbai) - USD/CAD halted its winning streak and fell deep in the red in the European session, as the Canadian dollar regained lost ground and climbed further as oil prices rebounded from multi-year lows.
USD/CAD back on 1.31 handle
Currently, the USD/CAD pair trades -0.71% lower at 1.3193, easing-off fresh 11-year highs at 1.3298 levels. The Canadian dollar jolted higher versus its US counterpart after oil prices staged a solid recovery from 6.5 year lows. WTI was up more than 4% just shy of $ 40 marker. Oil is Canada’s top export product.
Moreover, markets ignored the recovery seen in the US dollar after massive drop on Monday backed by crashing Chinese stocks as focus shifted back to higher oil prices. The US dollar index, the virtual gauge of greenback’s relative strength, now trades 0.42% higher at 93.80.
Markets now await a host if US economic releases due later in the day for fresh cues on the USD moves while BOC Governing Council member is due to deliver a speech later today.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.3298 (Today’s High) levels and above which it could extend gains to 1.3350. To the downside, immediate support might be located at 1.3186 (Today’s Low) levels and below that at 1.3157 (Aug 24 Low).
USD/CAD back on 1.31 handle
Currently, the USD/CAD pair trades -0.71% lower at 1.3193, easing-off fresh 11-year highs at 1.3298 levels. The Canadian dollar jolted higher versus its US counterpart after oil prices staged a solid recovery from 6.5 year lows. WTI was up more than 4% just shy of $ 40 marker. Oil is Canada’s top export product.
Moreover, markets ignored the recovery seen in the US dollar after massive drop on Monday backed by crashing Chinese stocks as focus shifted back to higher oil prices. The US dollar index, the virtual gauge of greenback’s relative strength, now trades 0.42% higher at 93.80.
Markets now await a host if US economic releases due later in the day for fresh cues on the USD moves while BOC Governing Council member is due to deliver a speech later today.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.3298 (Today’s High) levels and above which it could extend gains to 1.3350. To the downside, immediate support might be located at 1.3186 (Today’s Low) levels and below that at 1.3157 (Aug 24 Low).