18 Dec 2014
USD/CAD trades above 1.16 handle
FXStreet (Mumbai) - The US dollar edged up slightly against its Canadian counterpart today as investors await key US economic data to be released later today.
THE USD/CAD pair mostly flat trades at 1.1636, as against previous session close of 1.1631 levels. The Canadian dollar gained against the greenback in the US trading as oil prices bounced back from five year lows. However, the loonie failed to sustain gains after the FOMC statement as the US dollar rose against most of its peers. The Fed repeated its stance that the rates will remain near zero for a "considerable time," as it stressed that the monetary policy will be “patient” and not rush into tightening.
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 1.1613 (100-day SMA) and below that at 1.1557 (Dec 17 Low) levels.
THE USD/CAD pair mostly flat trades at 1.1636, as against previous session close of 1.1631 levels. The Canadian dollar gained against the greenback in the US trading as oil prices bounced back from five year lows. However, the loonie failed to sustain gains after the FOMC statement as the US dollar rose against most of its peers. The Fed repeated its stance that the rates will remain near zero for a "considerable time," as it stressed that the monetary policy will be “patient” and not rush into tightening.
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 1.1613 (100-day SMA) and below that at 1.1557 (Dec 17 Low) levels.