9 Jul 2015
USD/CAD: Canadian dollar better bid on higher oil prices
FXStreet (Mumbai) - The Canadian dollar edged higher versus its American counterpart in the European session, pushing USD/CAD lower near 1.27 handle, as traders ignored broad USD strength and cheered rebounding crude oil prices.
USD/CAD supported at 1.2691
Currently, the USD/CAD pair trades -0.17% lower at 1.2722, easing session highs at 1.2744. The Canadian dollar was seen higher against the US dollar this session as recovery in oil prices pair with upbeat China CPI data continue to boost the sentiment around the loonie.
However, strengthening US dollar against its major rivals amid talks of new Greece proposal to be submitted later tonight, keeps a check on USD/CAD.
Markets now shift attention towards a set of housing data from Canada, while US weekly jobless claims due later in the US session will also be closely eyed.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2768 (July 8 High) levels and above which it could extend gains to 1.2800 levels. To the downside, immediate support might be located at 1.2689 (July 8 Low) levels and below that at 1.2652 (July 7 Low) levels.
USD/CAD supported at 1.2691
Currently, the USD/CAD pair trades -0.17% lower at 1.2722, easing session highs at 1.2744. The Canadian dollar was seen higher against the US dollar this session as recovery in oil prices pair with upbeat China CPI data continue to boost the sentiment around the loonie.
However, strengthening US dollar against its major rivals amid talks of new Greece proposal to be submitted later tonight, keeps a check on USD/CAD.
Markets now shift attention towards a set of housing data from Canada, while US weekly jobless claims due later in the US session will also be closely eyed.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2768 (July 8 High) levels and above which it could extend gains to 1.2800 levels. To the downside, immediate support might be located at 1.2689 (July 8 Low) levels and below that at 1.2652 (July 7 Low) levels.