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1 Apr 2015
USD/CAD back below 1.2700
FXStreet (Mumbai) - The Canadian dollar managed to fight its way back versus the US counterpart in the European session, supported by stabilizing oil prices and above estimates Canadian GDP numbers released in the previous session.
USD/CAD rejected by 1.27
Currently, the USD/CAD pair trades lower by -0.16% at 1.2682, recovering losses seen in Asia. The US dollar edged lower against the Canadian dollar largely as traders resorted to profit taking, pushing the DXY lower to the tune of -0.24% at 98.46 levels.
Moreover, stabilizing oil prices and Canada’s smaller-than-expected GDP drop continues to underpin the loonie, dragging USD/CAD lower.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2700 levels and above which it could extend gains 1.2760 levels. To the downside immediate support might be located at 1.2640 levels, below that at 1.2600 levels.
USD/CAD rejected by 1.27
Currently, the USD/CAD pair trades lower by -0.16% at 1.2682, recovering losses seen in Asia. The US dollar edged lower against the Canadian dollar largely as traders resorted to profit taking, pushing the DXY lower to the tune of -0.24% at 98.46 levels.
Moreover, stabilizing oil prices and Canada’s smaller-than-expected GDP drop continues to underpin the loonie, dragging USD/CAD lower.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2700 levels and above which it could extend gains 1.2760 levels. To the downside immediate support might be located at 1.2640 levels, below that at 1.2600 levels.