19 Feb 2015
USD/CAD jumps to fresh session highs at 1.2470
FXStreet (Mumbai) - USD/CAD climbed to fresh session highs in the early European morning, erasing losses from the previous session as sliding oil prices continue to hurt the loonie, pushing the commodity-backed currency higher.
Weaker oil prices support USD/CAD
Currently, the USD/CAD trades higher by 0.10% at fresh session highs of 1.2470 levels. The pair advanced this morning, largely on the Canadian dollar weakness after oil prices lost ground and slipped over 2% on expectations of upsurge in crude inventories at fresh record high levels. Canada is highly dependent on oil revenues as oil is the country’s top export product. Moreover, a broad based recovery in the US dollar from dovish FOMC minutes induced losses, further boosted USD/CAD.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2488 (10-DMA) levels and above which it could extend gains 1.2506 levels. To the downside immediate support might be located at 1.2447 (5-DMA) levels, below that at 1.2400 levels.
Weaker oil prices support USD/CAD
Currently, the USD/CAD trades higher by 0.10% at fresh session highs of 1.2470 levels. The pair advanced this morning, largely on the Canadian dollar weakness after oil prices lost ground and slipped over 2% on expectations of upsurge in crude inventories at fresh record high levels. Canada is highly dependent on oil revenues as oil is the country’s top export product. Moreover, a broad based recovery in the US dollar from dovish FOMC minutes induced losses, further boosted USD/CAD.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2488 (10-DMA) levels and above which it could extend gains 1.2506 levels. To the downside immediate support might be located at 1.2447 (5-DMA) levels, below that at 1.2400 levels.