9 Jan 2015
USD/CAD treads water, ahead of Canada’s macro data
FXStreet (Mumbai) - The US dollar remains slightly elevated versus the US counterpart, continuing gains from the previous session, despite USD trading easing off from multi-year peaks.
Currently, the USD/CAD pair traded modestly flat at 1.1839, having recovered from day’s low of 1.1811 levels. The USD/CAD pair is expected to remain higher ahead of a flurry of economic data release from Canada which may turn out to be supportive of USD bulls. However, steady oil prices are likely to keep losses in the loonie capped.
Traders are eagerly awaiting the key event for the day, US non-farm payrolls data which may further contribute to the gain in USD/CAD.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.19 levels and above which it could extend gains 1.1951 levels. To the downside immediate support might be located at 1.18 levels, below that at 1.1760 levels.
Currently, the USD/CAD pair traded modestly flat at 1.1839, having recovered from day’s low of 1.1811 levels. The USD/CAD pair is expected to remain higher ahead of a flurry of economic data release from Canada which may turn out to be supportive of USD bulls. However, steady oil prices are likely to keep losses in the loonie capped.
Traders are eagerly awaiting the key event for the day, US non-farm payrolls data which may further contribute to the gain in USD/CAD.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.19 levels and above which it could extend gains 1.1951 levels. To the downside immediate support might be located at 1.18 levels, below that at 1.1760 levels.