26 Jan 2015
CAD recovers tracking rebound in Crude prices
FXStreet (Mumbai) - The Canadian dollar erased losses against the US dollar, after comments from OPEC’s El-Badri saw Crude prices rebound from near six-year lows.
The USD/CAD pair now trades lower at 1.2441; down from the high of 1.276 seen earlier today. The CAD managed to take back losses since the Crude prices recovered losses to trade 0.71% higher at USD 45.92/barrel. OPEC Secretary General El-Badri expressed readiness to discuss measures to re-balance markets with non-OPEC members, which pushed the Crude prices higher. Most of the commodity currencies recovered losses, with the AUD/USD pair now up 0.07% at 0.7914 levels.
The pair rose to six-year highs last week after the Bank of Canada surprise markets by reducing the interest rates, citing a more than 50% fall in Oil prices as a threat to the Canadian economy.
USD/CAD Technical Levels
The immediate support is seen at 1.2413 (5-DMA), under which losses could be extended to 1.2361 levels. Meanwhile, resistance is seen at 1.2454 and 1.2474 levels.
The USD/CAD pair now trades lower at 1.2441; down from the high of 1.276 seen earlier today. The CAD managed to take back losses since the Crude prices recovered losses to trade 0.71% higher at USD 45.92/barrel. OPEC Secretary General El-Badri expressed readiness to discuss measures to re-balance markets with non-OPEC members, which pushed the Crude prices higher. Most of the commodity currencies recovered losses, with the AUD/USD pair now up 0.07% at 0.7914 levels.
The pair rose to six-year highs last week after the Bank of Canada surprise markets by reducing the interest rates, citing a more than 50% fall in Oil prices as a threat to the Canadian economy.
USD/CAD Technical Levels
The immediate support is seen at 1.2413 (5-DMA), under which losses could be extended to 1.2361 levels. Meanwhile, resistance is seen at 1.2454 and 1.2474 levels.