6 Apr 2015
USD/CAD in red below 1.2480
FXStreet (Mumbai) - The Canadian dollar climbed higher versus its US counterpart in the European session, as a sharp rebound in oil prices and weak US payrolls report continue to underpin the loonie, dragging USD/CAD lower.
Higher oil prices boost CAD
Currently, the USD/CAD pair trades lower by -0.13% at 1.2472, hovering near fresh session lows posted at 1.2466 some minutes ago. The Canadian dollar remains supported against the US dollar driven by a strong upsurge in oil prices coupled with dismal US employment figures released on last Friday.
Moreover, upbeat Canadian GDP and trade data published in the last week continues to lift the loonie. Canada's GDP data, which contracted less than expected, down 0.1% month-on-month, after a solid rise of 0.3% in December.
Meanwhile, in the day ahead traders will now focus on US non-manufacturing data for further impact on the pair.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2500 levels and above which it could extend gains 1.2567 (10-DMA) levels. To the downside immediate support might be located at 1.2426 levels, below that at 1.2400 levels.
Higher oil prices boost CAD
Currently, the USD/CAD pair trades lower by -0.13% at 1.2472, hovering near fresh session lows posted at 1.2466 some minutes ago. The Canadian dollar remains supported against the US dollar driven by a strong upsurge in oil prices coupled with dismal US employment figures released on last Friday.
Moreover, upbeat Canadian GDP and trade data published in the last week continues to lift the loonie. Canada's GDP data, which contracted less than expected, down 0.1% month-on-month, after a solid rise of 0.3% in December.
Meanwhile, in the day ahead traders will now focus on US non-manufacturing data for further impact on the pair.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2500 levels and above which it could extend gains 1.2567 (10-DMA) levels. To the downside immediate support might be located at 1.2426 levels, below that at 1.2400 levels.