17 Dec 2014
USD/CAD trades near 5-yr Highs, eyes FOMC
FXStreet (Mumbai) - The US dollar edged up against its Canadian counterpart today as investors eagerly await conclusion to the two-day monetary policy meeting of the Federal Reserve (Fed).
THE USD/CAD pair trades at 1.1652, up 0.20%, compared to previous session close of 1.1604 levels. The US dollar index, which measures the greenback against a basket of six major currencies including Canadian dollar, climbed higher today to trade at 88.48, up 0.47%, on the day. The outcome of the Fed Meeting is expected to be positive for US dollar bulls as widely expected by market participants.
USD/CAD Levels to consider
To the upside, the next resistance is located at 1.1674 (Dec 15 High) and above which it could extend gains to 1.17 (2009 Highs) levels. To the downside immediate support might be located at 1.1637 (50-day SMA) and below that at 1.1590 (100-day SMA) levels.
THE USD/CAD pair trades at 1.1652, up 0.20%, compared to previous session close of 1.1604 levels. The US dollar index, which measures the greenback against a basket of six major currencies including Canadian dollar, climbed higher today to trade at 88.48, up 0.47%, on the day. The outcome of the Fed Meeting is expected to be positive for US dollar bulls as widely expected by market participants.
USD/CAD Levels to consider
To the upside, the next resistance is located at 1.1674 (Dec 15 High) and above which it could extend gains to 1.17 (2009 Highs) levels. To the downside immediate support might be located at 1.1637 (50-day SMA) and below that at 1.1590 (100-day SMA) levels.