5 Mar 2015
USD/CAD rebounds to fresh highs at 1.2446
FXStreet (Mumbai) - USD/CAD extends its recovery path and rose to fresh highs in the late-Asian session, mainly as the CAD bulls moved to the back burner after the recent Bank of Canada (BOC) induced rally.
USD/CAD supported above 1.2400
Currently, the USD/CAD trades higher by 0.12% at fresh session highs at 1.2446 levels, having previously posted day’s low at 1.2421. The pair crawled higher and recovered half its slide after BOC’s unchanged policy stance triggered a fresh CAD rally, dragging the pair to fresh weekly lows in the last North American session. Moreover, a firming US dollar across the board on better than expected US macro data also provided impetus to USD/CAD.
However, rising oil prices and upbeat Canadian economic data continues to drive loonie higher, restricting the upside in USD/CAD.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2593 (10-DMA) levels and above which it could extend gains 1.2541 (March 4 High) levels. To the downside immediate support might be located at 1.2400 levels, below that at 1.2383 levels.
USD/CAD supported above 1.2400
Currently, the USD/CAD trades higher by 0.12% at fresh session highs at 1.2446 levels, having previously posted day’s low at 1.2421. The pair crawled higher and recovered half its slide after BOC’s unchanged policy stance triggered a fresh CAD rally, dragging the pair to fresh weekly lows in the last North American session. Moreover, a firming US dollar across the board on better than expected US macro data also provided impetus to USD/CAD.
However, rising oil prices and upbeat Canadian economic data continues to drive loonie higher, restricting the upside in USD/CAD.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2593 (10-DMA) levels and above which it could extend gains 1.2541 (March 4 High) levels. To the downside immediate support might be located at 1.2400 levels, below that at 1.2383 levels.