The US dollar extended gains against the Canadian counterpart from a choppy Asian session, inching towards fresh six-year highs reached at 1.2798 levels in the last week.
Eyes 1.2800 levels
Currently, the USD/CAD pair traded higher by 0.23% at 1.2763 previously clocked intraday high at 1.2773 levels. The USD bulls continued its upward trajectory as traders still digested a contraction in Canadian economy reported last week. Moreover, continued to slide in oil prices also added to the losses in the loonie.
The USD/CAD rallied to six year highs on Friday following the news of Canada's November economic growth data missing estimates, registering its biggest weekly losses. The nation's GDP declined 0.2% month-on-month, Statistics Canada reported on Friday, surprising the markets with the largest drop in eleven months.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2798 levels and above which it could extend gains 1.2830 levels. To the downside immediate support might be located at 1.2680 levels, below that at 1.2602 levels.
Eyes 1.2800 levels
Currently, the USD/CAD pair traded higher by 0.23% at 1.2763 previously clocked intraday high at 1.2773 levels. The USD bulls continued its upward trajectory as traders still digested a contraction in Canadian economy reported last week. Moreover, continued to slide in oil prices also added to the losses in the loonie.
The USD/CAD rallied to six year highs on Friday following the news of Canada's November economic growth data missing estimates, registering its biggest weekly losses. The nation's GDP declined 0.2% month-on-month, Statistics Canada reported on Friday, surprising the markets with the largest drop in eleven months.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2798 levels and above which it could extend gains 1.2830 levels. To the downside immediate support might be located at 1.2680 levels, below that at 1.2602 levels.
