23 Dec 2014
USD/CAD trades above 10-DMA
FXStreet (Mumbai) - The Canadian dollar strengthened against the US counterpart today, reversing two days of losses from the previous week, as oil prices rebounded after falling in overnight trading.
THE USD/CAD pair trades now at 1.1617, down -0.16% on the day, having posted day’s low of 1.1617 levels some minutes ago. The Canadian dollar strengthened versus the greenback yesterday after downbeat existing home sales knocked down the US dollar. Also, a bounce-back seen in oil prices after retreating in previous session added to the gains in the loonie pair.
The dollar index, which measures the greenback’s strength against six major currencies, retreated slightly from multi-year high of 89.99 levels to trade at 89.91 now, further boosted the Canadian dollar.
USD/CAD Levels to consider
To the upside, the next resistance is located at 1.1634 (Dec 19 High) and above which it could extend gains to 1.1647 (Dec 18 High) levels. To the downside immediate support might be located at 1.1565 (Dec 18 Low) and below that at 1.1520 levels.
THE USD/CAD pair trades now at 1.1617, down -0.16% on the day, having posted day’s low of 1.1617 levels some minutes ago. The Canadian dollar strengthened versus the greenback yesterday after downbeat existing home sales knocked down the US dollar. Also, a bounce-back seen in oil prices after retreating in previous session added to the gains in the loonie pair.
The dollar index, which measures the greenback’s strength against six major currencies, retreated slightly from multi-year high of 89.99 levels to trade at 89.91 now, further boosted the Canadian dollar.
USD/CAD Levels to consider
To the upside, the next resistance is located at 1.1634 (Dec 19 High) and above which it could extend gains to 1.1647 (Dec 18 High) levels. To the downside immediate support might be located at 1.1565 (Dec 18 Low) and below that at 1.1520 levels.