6 Mar 2015
USD/CAD keeps range around 1.2480
FXStreet (Mumbai) - USD/CAD trades flat during the late-Asian session, snapping gains from the previous session and steadies back below 1.25 handle largely on USD weakness across the board ahead of US jobs data.
USD/CAD remains below 1.2500
Currently, the USD/CAD trades flat near fresh session lows at 1.2477 levels, having previously posted day’s high at 1.2494. The pair trade muted as the Canadian dollar erased its BOC backed gains, while the traders took to unwinding of USD long positions ahead of the week’s biggest US release – Non-farm payrolls data.
Moreover, a recovery in oil prices lightly supported the Canadian dollar, dragging the pair mildly in to red. Meanwhile, traders now shift their focus towards a series of Canada’s macro data releases before the key US labour market report.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2500 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 remains below 1.2500
Currently, the USD/CAD trades flat near fresh session lows at 1.2477 levels, having previously posted day’s high at 1.2494. The pair trade muted as the Canadian dollar erased its BOC backed gains, while the traders took to unwinding of USD long positions ahead of the week’s biggest US release – Non-farm payrolls data.
Moreover, a recovery in oil prices lightly supported the Canadian dollar, dragging the pair mildly in to red. Meanwhile, traders now shift their focus towards a series of Canada’s macro data releases before the key US labour market report.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2500 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.