The US dollar shaved off previous gains and fell back in red as solid recovery in oil prices lifted the resource-lined loonie.
1.2500 levels eyed
Currently, the USD/CAD trades at fresh one-week lows of 1.2532 levels, down -0.28% on the day, retracing from day’s high at 1.2644 levels. The USD bulls took a back seat as the loonie strengthened after oil prices bounced-back to fresh one month highs. Moreover, the greenback is expected to remain pressured on the back of latest set of disappointing economic data.
Meanwhile, traders now await crucial labour market data from both US and Canada for further momentum on the commodity currency.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2644 levels and above which it could extend gains 1.2678 levels. To the downside immediate support might be located at 1.2507 levels, below that at 1.2460 levels.
1.2500 levels eyed
Currently, the USD/CAD trades at fresh one-week lows of 1.2532 levels, down -0.28% on the day, retracing from day’s high at 1.2644 levels. The USD bulls took a back seat as the loonie strengthened after oil prices bounced-back to fresh one month highs. Moreover, the greenback is expected to remain pressured on the back of latest set of disappointing economic data.
Meanwhile, traders now await crucial labour market data from both US and Canada for further momentum on the commodity currency.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2644 levels and above which it could extend gains 1.2678 levels. To the downside immediate support might be located at 1.2507 levels, below that at 1.2460 levels.
