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4 Feb 2015
USD/CAD extends gains on weak Canadian data
FXStreet (Mumbai) - The USD/CAD extended gains to trade well above 1.25 levels on a weak Canadian Ivey PMI data and an upbeat US ISM non-manufacturing data.
USD/CAD rises to 1.2550
The pair rose to 1.2550 as the CAD suffered a double blow in the form of weak data and falling Crude prices. The Canadian Ivey PMI in for January fell to 42.6, missing the expected print of 53.4 by a big margin. On the other hand, the US ISM non-manufacturing data rose to 56.7, beating the estimate of 56.4.
Moreover, the pair begun its upward journey earlier today, tracking the decline in WTI Crude prices, which currently trade 3.88% lower at USD 51.00/barrel.
USD/CAD Technical Levels
The pair currently trades 1.08% higher at 1.2550. The immediate resistance is seen at 1.2591 levels, above which gains could be extended to 1.2627 levels. On the flip side, support is seen at 1.2519, under which the pair could fall back to 1.2456 levels.
USD/CAD rises to 1.2550
The pair rose to 1.2550 as the CAD suffered a double blow in the form of weak data and falling Crude prices. The Canadian Ivey PMI in for January fell to 42.6, missing the expected print of 53.4 by a big margin. On the other hand, the US ISM non-manufacturing data rose to 56.7, beating the estimate of 56.4.
Moreover, the pair begun its upward journey earlier today, tracking the decline in WTI Crude prices, which currently trade 3.88% lower at USD 51.00/barrel.
USD/CAD Technical Levels
The pair currently trades 1.08% higher at 1.2550. The immediate resistance is seen at 1.2591 levels, above which gains could be extended to 1.2627 levels. On the flip side, support is seen at 1.2519, under which the pair could fall back to 1.2456 levels.