6 Jan 2015
USD/CAD trades above 5-DMA
FXStreet (Mumbai) - The US dollar trades lower versus the Canadian counterpart, extending losses from previous session, as the investors turned their back on the US dollar amid risk-off moods.
Currently, the USD/CAD traded marginally lower by -0.11% at 1.1748 levels, after having clocked intraday low at 1.1731 levels earlier in the day. USD/CAD edged lower as the US dollar lost ground against most of the major currencies after having rallied to nine-year highs. Falling oil prices also failed to provide support to the USD/CAD pair.
Investors will be turning their attention to ISM Non-Manufacturing PMI and factory orders data from the US to gauge further moves in the pair.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.1761 (Today’s High) levels and above which it could extend gains 1.1786 (Jan 2 High) levels. To the downside immediate support might be located at 1.17 levels, below that at 1.1676 levels.
Currently, the USD/CAD traded marginally lower by -0.11% at 1.1748 levels, after having clocked intraday low at 1.1731 levels earlier in the day. USD/CAD edged lower as the US dollar lost ground against most of the major currencies after having rallied to nine-year highs. Falling oil prices also failed to provide support to the USD/CAD pair.
Investors will be turning their attention to ISM Non-Manufacturing PMI and factory orders data from the US to gauge further moves in the pair.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.1761 (Today’s High) levels and above which it could extend gains 1.1786 (Jan 2 High) levels. To the downside immediate support might be located at 1.17 levels, below that at 1.1676 levels.