USD/CAD shaved-off previous and dropped during the European session as the USD bulls took a backseat amid rising oil prices which boosted the loonie.
Back below 1.2600 levels
Currently, the USD/CAD edged lower by -0.57% at 1.2559 levels, having posted fresh session lows at 1.2545 levels some minutes ago. The USD/CAD pair fell in the European session largely on weaker US dollar across the board after the greenback lost strength post BOJ’s hawkish announcement. Moreover, a sharp recovery in oil prices after a drop in US rig count boosted the Canadian dollar knocking the pair off to fresh session lows.
Meanwhile, traders now shift their focus towards US economic releases later in the day for further momentum on the commodity currency.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2646 levels and above which it could extend gains 1.2700 levels. To the downside immediate support might be located at 1.2500 levels, below that at 1.2446 levels.
Back below 1.2600 levels
Currently, the USD/CAD edged lower by -0.57% at 1.2559 levels, having posted fresh session lows at 1.2545 levels some minutes ago. The USD/CAD pair fell in the European session largely on weaker US dollar across the board after the greenback lost strength post BOJ’s hawkish announcement. Moreover, a sharp recovery in oil prices after a drop in US rig count boosted the Canadian dollar knocking the pair off to fresh session lows.
Meanwhile, traders now shift their focus towards US economic releases later in the day for further momentum on the commodity currency.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2646 levels and above which it could extend gains 1.2700 levels. To the downside immediate support might be located at 1.2500 levels, below that at 1.2446 levels.
