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3 Mar 2015
USD/CAD falls to fresh lows ahead of 1.2500
FXStreet (Mumbai) - USD/CAD reversed overnight gains and continued to extend losses in the early European morning as the US dollar retreated from multi-year top across the board.
USD/CAD slips from 1.2543 levels
Currently, the USD/CAD trades lower by -0.25% at fresh session lows at 1.2507 levels, having previously posted day’s high at 1.2543. The pair pared US data backed gains and dropped to session lows as the traders took to profit booking on their long positions after USD/CAD rallied to fresh weekly highs in the previous session.
Moreover, the Canadian dollar also remained supported against its US counterpart as the RBA refrained from further rate cut this morning, sending commodity currencies higher across the board. Moreover, rising oil prices also added to the gains in loonie, dragging the pair lower.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2543 levels and above which it could extend gains 1.2566 levels. To the downside immediate support might be located at 1.2450 levels, below that at 1.2404 levels.
USD/CAD slips from 1.2543 levels
Currently, the USD/CAD trades lower by -0.25% at fresh session lows at 1.2507 levels, having previously posted day’s high at 1.2543. The pair pared US data backed gains and dropped to session lows as the traders took to profit booking on their long positions after USD/CAD rallied to fresh weekly highs in the previous session.
Moreover, the Canadian dollar also remained supported against its US counterpart as the RBA refrained from further rate cut this morning, sending commodity currencies higher across the board. Moreover, rising oil prices also added to the gains in loonie, dragging the pair lower.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2543 levels and above which it could extend gains 1.2566 levels. To the downside immediate support might be located at 1.2450 levels, below that at 1.2404 levels.