16 Feb 2015
USD/CAD hovers near lows
FXStreet (Mumbai) - USD/CAD fell to new lows in the European morning, extending its gradual decline from the previous session as the US dollar continues its descent across the board on downbeat US macro data.
USD/CAD pressured on USD weakness
Currently, the USD/CAD lower by -0.15% at 1.2428 levels, having posted fresh session lows at 1.2422 levels few minutes ago. The pair remains lower as traders refrained to create fresh positions amid generalized weakness in the US dollar back by bearish US data and rising oil prices.
Meanwhile, the pair is expected to remain pressured until it breaches stiff resistance at 1.2460 levels amid thin trades as US remains closed for a national holiday.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2460 levels and above which it could extend gains 1.2500 levels. To the downside immediate support might be located at 1.2400 levels, below that at 1.2351 levels.
USD/CAD pressured on USD weakness
Currently, the USD/CAD lower by -0.15% at 1.2428 levels, having posted fresh session lows at 1.2422 levels few minutes ago. The pair remains lower as traders refrained to create fresh positions amid generalized weakness in the US dollar back by bearish US data and rising oil prices.
Meanwhile, the pair is expected to remain pressured until it breaches stiff resistance at 1.2460 levels amid thin trades as US remains closed for a national holiday.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2460 levels and above which it could extend gains 1.2500 levels. To the downside immediate support might be located at 1.2400 levels, below that at 1.2351 levels.