20 Jan 2015
USD/CAD trades at 5-DMA, 1.200 eyed
FXStreet (Mumbai) - The US dollar resumed its upward trajectory versus the Canadian counterpart after a brief reversal seen yesterday, as falling oil prices continue to hurt the loonie.
Currently, the USD/CAD pair traded at 1.1964 levels, up 0.19% on the day, having hit intraday high at 1.1983 levels some time ago. The USD/CAD advanced mainly due to the strengthening US dollar across the board. The dollar index, measuring the relative strength of the greenback versus the six major currencies, edged higher today and trades now at 93.12 levels, up 0.30% on the day.
Meanwhile, in absence of any significant US data today, traders may now focus Canadian manufacturing sales report due for release later in the day.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.200 levels and above which it could extend gains 1.2025 levels. To the downside immediate support might be located at 1.1941 (10-DMA) levels, below that at 1.19 levels.
Currently, the USD/CAD pair traded at 1.1964 levels, up 0.19% on the day, having hit intraday high at 1.1983 levels some time ago. The USD/CAD advanced mainly due to the strengthening US dollar across the board. The dollar index, measuring the relative strength of the greenback versus the six major currencies, edged higher today and trades now at 93.12 levels, up 0.30% on the day.
Meanwhile, in absence of any significant US data today, traders may now focus Canadian manufacturing sales report due for release later in the day.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.200 levels and above which it could extend gains 1.2025 levels. To the downside immediate support might be located at 1.1941 (10-DMA) levels, below that at 1.19 levels.