14 Jul 2015
USD/CAD spikes on news of Iran deal
FXStreet (Mumbai) - The Canadian dollar fell along with Crude prices, taking the USD/CAD pair higher to 1.2788 after news of Iran deal hit the wires.
Crude falls 2%, CAD dips 0.4%
Iranian diplomat was reported by Bloomberg saying that Iran and major powers reached a nuclear deal, which opens doors for more Iranian exports in the future. Consequently, WTI Crude prices extended the decline to trade more than 2% lower, thereby pushing the Canadian dollar lower across the board.
The details of the deal are expected to be discussed at the press conference scheduled at 09:30 BST. The news about Iran deal saw the USD/CAD pair jump about 50 pips to 1.2788.
USD/CAD Technical Levels
The pair currently trades around 1.2780. The immediate resistance is located at 1.28 and 1.2836 (March high). On the other hand, support is seen at 1.2764 and 1.2727 levels.
Crude falls 2%, CAD dips 0.4%
Iranian diplomat was reported by Bloomberg saying that Iran and major powers reached a nuclear deal, which opens doors for more Iranian exports in the future. Consequently, WTI Crude prices extended the decline to trade more than 2% lower, thereby pushing the Canadian dollar lower across the board.
The details of the deal are expected to be discussed at the press conference scheduled at 09:30 BST. The news about Iran deal saw the USD/CAD pair jump about 50 pips to 1.2788.
USD/CAD Technical Levels
The pair currently trades around 1.2780. The immediate resistance is located at 1.28 and 1.2836 (March high). On the other hand, support is seen at 1.2764 and 1.2727 levels.