Back
14 Jan 2015
USD/CAD sits at fresh 5-1/2 year highs, breaks above 1.20 mark
FXStreet (Mumbai) - The US dollar climbs higher versus the Canadian counterpart, continuing its upward trajectory as sliding commodities prices dented the resource-linked loonie, knocking it off to the lowest levels since May 2009.
Currently, the USD/CAD pair trades at 1.1995 levels, up 0.34% on the day, retreating from fresh five and a half year highs of 1.2017 levels hit in earlier in the day. The USD/CAD advanced mainly due to the weakness seen in the Canadian dollar. The weeping losses in oil prices swept the commodity currency to multi-year lows as oil is Canada’s main exporting product.
Meanwhile, in absence of any Canadian data today, traders may now focus on a host of US economic data due for release later in the day.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2025 levels and above which it could extend gains 1.2045 levels. To the downside immediate support might be located at 1.1927 (5-DMA) levels, below that at 1.19 levels.
Currently, the USD/CAD pair trades at 1.1995 levels, up 0.34% on the day, retreating from fresh five and a half year highs of 1.2017 levels hit in earlier in the day. The USD/CAD advanced mainly due to the weakness seen in the Canadian dollar. The weeping losses in oil prices swept the commodity currency to multi-year lows as oil is Canada’s main exporting product.
Meanwhile, in absence of any Canadian data today, traders may now focus on a host of US economic data due for release later in the day.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2025 levels and above which it could extend gains 1.2045 levels. To the downside immediate support might be located at 1.1927 (5-DMA) levels, below that at 1.19 levels.