26 Mar 2015
USD/CAD: Canadian dollar advances with Oil below 1.25
FXStreet (Mumbai) - The Canadian dollar rallies against its US counterpart in the mid-Asian session, knocking-off USD/CAD below 1.25 barrier, as soaring oil prices continue to boost the resource-linked loonie.
USD/CAD back below 1.2500
Currently, the USD/CAD trades lower by -0.21% at 1.2491 levels, recovering from previously posted day’s low at 1.2480 levels. The Canadian dollar edged higher against the greenback largely on the back of a rally seen in oil prices, sparked by geopolitical tensions arising between Saudi Arabia and Yemen. Oil is Canada’s top export product.
Moreover, US dollar weakness on miserable durable goods data released in the previous session also continues to drag USD/CAD lower.
Meanwhile, in the day ahead, traders may focus on US unemployment claims and BOC Governor Poloz speech for further momentum on the pair.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2533 levels and above which it could extend gains 1.2600 levels. To the downside immediate support might be located at 1.2471 levels, below that at 1.2426 levels.
USD/CAD back below 1.2500
Currently, the USD/CAD trades lower by -0.21% at 1.2491 levels, recovering from previously posted day’s low at 1.2480 levels. The Canadian dollar edged higher against the greenback largely on the back of a rally seen in oil prices, sparked by geopolitical tensions arising between Saudi Arabia and Yemen. Oil is Canada’s top export product.
Moreover, US dollar weakness on miserable durable goods data released in the previous session also continues to drag USD/CAD lower.
Meanwhile, in the day ahead, traders may focus on US unemployment claims and BOC Governor Poloz speech for further momentum on the pair.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2533 levels and above which it could extend gains 1.2600 levels. To the downside immediate support might be located at 1.2471 levels, below that at 1.2426 levels.