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15 May 2015
USD/CAD shoots beyond 1.20
FXStreet (Mumbai) - The US dollar finally ended its side trend and climbed higher against its Canadian counterpart in the European session, with USD/CAD storming its way through 1.20 handle, as traders preferred the reserve currency ahead of a slew of major economic releases from the US. While Canada’s manufacturing sales numbers will also be closely watched.
USD/CAD back above 1.20 handle
Currently, the USD/CAD trades 0.25% higher at fresh session highs of 1.2017, piercing through 1.20 barrier. The USD/CAD pair edged as the US dollar ran through fresh buyers on expectations of a rebound seen in US industries and above estimates consumer sentiments data.
Moreover, subdued oil prices amid ongoing worries over ample supplies, continues to dent he resource-linked loonie, thereby boosting USD/CAD.
Meanwhile traders now await Canada’s manufacturing sales numbers and a batch of US Data for further direction on the pair.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2030 levels and above which it could extend gains 1.2074 levels. To the downside immediate support might be located at 1.2000 levels, below that at 1.1932 (April 29 Low).
USD/CAD back above 1.20 handle
Currently, the USD/CAD trades 0.25% higher at fresh session highs of 1.2017, piercing through 1.20 barrier. The USD/CAD pair edged as the US dollar ran through fresh buyers on expectations of a rebound seen in US industries and above estimates consumer sentiments data.
Moreover, subdued oil prices amid ongoing worries over ample supplies, continues to dent he resource-linked loonie, thereby boosting USD/CAD.
Meanwhile traders now await Canada’s manufacturing sales numbers and a batch of US Data for further direction on the pair.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2030 levels and above which it could extend gains 1.2074 levels. To the downside immediate support might be located at 1.2000 levels, below that at 1.1932 (April 29 Low).