19 Dec 2014
USD/CAD faces stiff resistance at 5-day SMA
FXStreet (Mumbai) - The US dollar traded mostly flat against its Canadian counterpart today as investors await a batch of major economic releases from Canada.
THE USD/CAD pair trades unchanged at 1.1575, having posted day’s high of 1.1647 levels immediately after yesterday’s US data releases. The Canadian dollar gained against the greenback in the early US trading as oil prices bounced back from five year lows but gains were capped as the US dollar regained footing after upbeat US data. The loonie is likely to remain pressured ahead of domestic inflation and retail sales data releases and also as the US dollar strengthens against most of its peers.
USD/CAD Levels to consider
To the upside, the next resistance is located at 1.1619 (50-day SMA) and above which it could extend gains to 1.1647 (Dec 18 High) levels. To the downside immediate support might be located at 1.1565 (Dec 18 Low) and below that at 1.1520 levels.
THE USD/CAD pair trades unchanged at 1.1575, having posted day’s high of 1.1647 levels immediately after yesterday’s US data releases. The Canadian dollar gained against the greenback in the early US trading as oil prices bounced back from five year lows but gains were capped as the US dollar regained footing after upbeat US data. The loonie is likely to remain pressured ahead of domestic inflation and retail sales data releases and also as the US dollar strengthens against most of its peers.
USD/CAD Levels to consider
To the upside, the next resistance is located at 1.1619 (50-day SMA) and above which it could extend gains to 1.1647 (Dec 18 High) levels. To the downside immediate support might be located at 1.1565 (Dec 18 Low) and below that at 1.1520 levels.