20 Aug 2015
USD/CAD hits fresh highs near 1.3150
FXStreet (Mumbai) - The Canadian dollar remains undermined against its American counterpart in the European trades, lifting USD/CAD to fresh session highs above 1.31 handle, as sliding oil prices and China stocks rout continues to dent the sentiment around the loonie.
USD/CAD supported at 1.3100
Currently, the USD/CAD pair trades 0.16% higher at 1.3149, having posted a high at 1.3151 and a low at 1.3100. The bid tone around the USD/CAD pair remains untouched as falling oil prices, sitting at 6.5 year lows near $ 41, continues to hit the Canadian dollar. Canadian economy is heavily dependent on oil for its exports.
Moreover, the US dollar has rebounded from three-day lows versus its major peers after the recent weakness led by dovish FOMC minutes. The US dollar index, the virtual gauge of greenback’s relative strength, now trades 0.13% higher at 96.53.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.3178 (Aug 19 High) levels and above which it could extend gains to 1.3199 (Aug 6 High). To the downside, immediate support might be located at 1.3100 (Today’s Low) levels and below that at 1.3047 (Aug 7 Low).
USD/CAD supported at 1.3100
Currently, the USD/CAD pair trades 0.16% higher at 1.3149, having posted a high at 1.3151 and a low at 1.3100. The bid tone around the USD/CAD pair remains untouched as falling oil prices, sitting at 6.5 year lows near $ 41, continues to hit the Canadian dollar. Canadian economy is heavily dependent on oil for its exports.
Moreover, the US dollar has rebounded from three-day lows versus its major peers after the recent weakness led by dovish FOMC minutes. The US dollar index, the virtual gauge of greenback’s relative strength, now trades 0.13% higher at 96.53.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.3178 (Aug 19 High) levels and above which it could extend gains to 1.3199 (Aug 6 High). To the downside, immediate support might be located at 1.3100 (Today’s Low) levels and below that at 1.3047 (Aug 7 Low).