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5 Feb 2015
USD/CAD dives to new session lows
FXStreet (Mumbai) - USD/CAD inched lower in the mid-European session, reversing its gains from the previous session, largely on profit taking after the recent greenback rally.
US Data eyed
Currently, the USD/CAD pair traded lower by -0.29% at 1.2536 levels, having retested 1.2600 levels for the second straight day. A drop in oil prices put heavy pressure on the commodity-based loonie yesterday. Moreover, an improvement in the US services sector also boosted the USD/CAD pair.
Meanwhile, traders now await employment data from the US and Canadian Trade balance data for further moves on the commodity currency.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2586 levels and above which it could extend gains 1.2644 levels. To the downside immediate support might be located at 1.2500 levels, below that at 1.2386 levels.
US Data eyed
Currently, the USD/CAD pair traded lower by -0.29% at 1.2536 levels, having retested 1.2600 levels for the second straight day. A drop in oil prices put heavy pressure on the commodity-based loonie yesterday. Moreover, an improvement in the US services sector also boosted the USD/CAD pair.
Meanwhile, traders now await employment data from the US and Canadian Trade balance data for further moves on the commodity currency.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2586 levels and above which it could extend gains 1.2644 levels. To the downside immediate support might be located at 1.2500 levels, below that at 1.2386 levels.