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26 Feb 2015
USD/CAD testing lows ahead of 1.2400
FXStreet (Mumbai) - USD/CAD extended its downside momentum and trades near fresh weekly lows in the European session as a subdued US dollar coupled continues to drag the pair lower.
USD/CAD supported above 1.2400
Currently, the USD/CAD trades lower by -0.19% at 1.2412 levels, retreating slightly from fresh session one-week lows posted at 1.2405 levels. The pair continued its downward trajectory as the US dollar trades muted awaiting fresh incentives from crucial US macro releases later in the day. However, falling oil prices on record high stockpiles seems to hurt the loonie, thereby cushioning the losses in the pair.
Meanwhile, a general intraday downside bias persists so long as the pair holds below 1.2439 levels.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2439 levels and above which it could extend gains 1.2497 levels. To the downside immediate support might be located at 1.2400 levels, below that at 1.2376 levels.
USD/CAD supported above 1.2400
Currently, the USD/CAD trades lower by -0.19% at 1.2412 levels, retreating slightly from fresh session one-week lows posted at 1.2405 levels. The pair continued its downward trajectory as the US dollar trades muted awaiting fresh incentives from crucial US macro releases later in the day. However, falling oil prices on record high stockpiles seems to hurt the loonie, thereby cushioning the losses in the pair.
Meanwhile, a general intraday downside bias persists so long as the pair holds below 1.2439 levels.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2439 levels and above which it could extend gains 1.2497 levels. To the downside immediate support might be located at 1.2400 levels, below that at 1.2376 levels.