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16 Mar 2015
USD/CAD hovers near fresh 6-yr highs above 1.2800
FXStreet (Mumbai) - The Canadian dollar extends its downward trajectory against the US counterpart in the late Asian session, as a weaker Canadian employment data and falling crude prices continue to dent the loonie.
USD/CAD supported above 1.2800
Currently, the USD/CAD pair trades higher by 0.18% at 1.2806 levels, in an attempt to retest fresh six year highs reached at 1.2825 levels in the previous session. USD/CAD remains higher largely on the CAD weakness after Canada’s employment data offered no prospects in February, with the unemployment rate rising above estimates to 6.8%, while economic growth largely remained unchanged. Also, slide in oil prices to the tune of -1.50% continues to hurt the resource linked-loonie, pushing the pair higher towards fresh highs.
However, the gains in the USD/CAD pair remains restricted on the back of broadly weaker US dollar trading at 100.51 levels, recording a loss of -0.20% on the day.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2825 levels and above which it could extend gains 1.2900 levels. To the downside immediate support might be located at 1.2780 levels, below that at 1.2700 levels.
USD/CAD supported above 1.2800
Currently, the USD/CAD pair trades higher by 0.18% at 1.2806 levels, in an attempt to retest fresh six year highs reached at 1.2825 levels in the previous session. USD/CAD remains higher largely on the CAD weakness after Canada’s employment data offered no prospects in February, with the unemployment rate rising above estimates to 6.8%, while economic growth largely remained unchanged. Also, slide in oil prices to the tune of -1.50% continues to hurt the resource linked-loonie, pushing the pair higher towards fresh highs.
However, the gains in the USD/CAD pair remains restricted on the back of broadly weaker US dollar trading at 100.51 levels, recording a loss of -0.20% on the day.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2825 levels and above which it could extend gains 1.2900 levels. To the downside immediate support might be located at 1.2780 levels, below that at 1.2700 levels.