20 Feb 2015
USD/CAD stuck near lows at 1.2480, awaits fresh incentives
FXStreet (Mumbai) - USD/CAD extends its upward trajectory in the Asian session, although moving away from fresh weekly highs reached in the previous session after the slump in oil prices hit the loonie, pushing the pair higher.
USD/CAD consolidates above 1.2480
Currently, the USD/CAD trades lower by 0.10% near lows at 1.2483 levels, having failed an attempt to breach 1.2500 levels. The pair extended gains, largely as oil prices halted its slide and stabilized in Asia morning. Moreover, a slightly weaker US dollar also keeps the pair undermined.
The pair is seen consolidating in a tight band as traders remain cautious ahead of crucial Canada’s retail sales data which is likely to disappoint markets. Meanwhile, Greece-Euro group meeting later today may also influence the greenback, with impacts on the USD/CAD pair.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2500 levels and above which it could extend gains 1.2548 levels. To the downside immediate support might be located at 1.2458 (5-DMA) levels, below that at 1.2431 levels.
USD/CAD consolidates above 1.2480
Currently, the USD/CAD trades lower by 0.10% near lows at 1.2483 levels, having failed an attempt to breach 1.2500 levels. The pair extended gains, largely as oil prices halted its slide and stabilized in Asia morning. Moreover, a slightly weaker US dollar also keeps the pair undermined.
The pair is seen consolidating in a tight band as traders remain cautious ahead of crucial Canada’s retail sales data which is likely to disappoint markets. Meanwhile, Greece-Euro group meeting later today may also influence the greenback, with impacts on the USD/CAD pair.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2500 levels and above which it could extend gains 1.2548 levels. To the downside immediate support might be located at 1.2458 (5-DMA) levels, below that at 1.2431 levels.