Back
15 Apr 2015
USD/CAD jumps to fresh highs near 1.2530
FXStreet (Mumbai) - The US dollar gathered strength versus its Canadian rival in the European session, driving USD/CAD to fresh session highs beyond 1.25, as the greenback staged a solid comeback across the board, correcting previous losses.
Stronger USD pushes USD/CAD higher
Currently, the USD/CAD trades higher by 0.33% at fresh session highs of 1.2529, swinging back higher on the 1.25 handle. The USD/CAD pair trades higher as traders preferred to hold the reserved currency amid a deteriorating Chinese growth forecasts and worsening economic outlook in the world.
USD/CAD remains heavily bid despite rising oil prices failing to support the loonie as traders now gear up for Bank of Canada (BOC) policy decision later in the day with markets widely anticipating an unchanged monetary policy stance.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2550 levels and above which it could extend gains 1.2600 levels. To the downside immediate support might be located at 1.2500 levels, below that at 1.2440 levels.
Stronger USD pushes USD/CAD higher
Currently, the USD/CAD trades higher by 0.33% at fresh session highs of 1.2529, swinging back higher on the 1.25 handle. The USD/CAD pair trades higher as traders preferred to hold the reserved currency amid a deteriorating Chinese growth forecasts and worsening economic outlook in the world.
USD/CAD remains heavily bid despite rising oil prices failing to support the loonie as traders now gear up for Bank of Canada (BOC) policy decision later in the day with markets widely anticipating an unchanged monetary policy stance.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2550 levels and above which it could extend gains 1.2600 levels. To the downside immediate support might be located at 1.2500 levels, below that at 1.2440 levels.