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31 Mar 2015
USD/CAD advances with DXY, eyes 1.2800
FXStreet (Mumbai) - The US dollar continues to storm its way through the Canadian counterpart in the European session, riding higher on the recent wave of upbeat US economic releases signalling US economic recovery back on track and hence bolstering the case for an earlier rate hike.
USD/CAD hits fresh 8-day highs
Currently, the USD/CAD pair trades higher by 0.49% at 1.2744, retreating from fresh 8-day highs reached at 1.2752 levels. The US dollar edged higher against the Canadian dollar largely as traders prefer to hold the reserve currency following positive data releases in the US, pushing the DXY higher to the tune of 0.69% at 98.98 levels.
Moreover, extended weakness in oil prices on Iran nuclear deal talks continues to undermine the resource-linked loonie, pushing USD/CAD towards 1.28 barrier.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2760 levels and above which it could extend gains 1.2800 levels. To the downside immediate support might be located at 1.2700 levels, below that at 1.2660 levels.
USD/CAD hits fresh 8-day highs
Currently, the USD/CAD pair trades higher by 0.49% at 1.2744, retreating from fresh 8-day highs reached at 1.2752 levels. The US dollar edged higher against the Canadian dollar largely as traders prefer to hold the reserve currency following positive data releases in the US, pushing the DXY higher to the tune of 0.69% at 98.98 levels.
Moreover, extended weakness in oil prices on Iran nuclear deal talks continues to undermine the resource-linked loonie, pushing USD/CAD towards 1.28 barrier.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2760 levels and above which it could extend gains 1.2800 levels. To the downside immediate support might be located at 1.2700 levels, below that at 1.2660 levels.