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30 Dec 2014
USD/CAD trades above 50-DMA
FXStreet (Mumbai) - The Canadian dollar traded almost flat against the US counterpart today, having posted six-day high at 1.1651 levels in the Asian session.
THE USD/CAD pair now trades unchanged at 1.1633, retreating from six-day lows levels. The USD/CAD pair edged higher in the Asian session on broad based US dollar strength against its major counterparts. However, the gains in USD/CAD were reversed after the dollar index retreated from multi-year perch of 90.66 levels to trade now at 90.42, down -0.14% on the day. Mild recovery seen in oil prices, which moved away from their five and a half year lows, may also weigh on the USD/CAD pair.
Meanwhile, markets now await consumer confidence data from the US due later in the day for further moves in the pair.
USD/CAD Levels to consider
To the upside, the next resistance is located at 1.1650 (Dec 29 High) and above which it could extend gains to 1.1674 (Dec 15 High) levels. To the downside immediate support might be located at 1.1565 (Dec 18 Low) and below that at 1.15 levels.
THE USD/CAD pair now trades unchanged at 1.1633, retreating from six-day lows levels. The USD/CAD pair edged higher in the Asian session on broad based US dollar strength against its major counterparts. However, the gains in USD/CAD were reversed after the dollar index retreated from multi-year perch of 90.66 levels to trade now at 90.42, down -0.14% on the day. Mild recovery seen in oil prices, which moved away from their five and a half year lows, may also weigh on the USD/CAD pair.
Meanwhile, markets now await consumer confidence data from the US due later in the day for further moves in the pair.
USD/CAD Levels to consider
To the upside, the next resistance is located at 1.1650 (Dec 29 High) and above which it could extend gains to 1.1674 (Dec 15 High) levels. To the downside immediate support might be located at 1.1565 (Dec 18 Low) and below that at 1.15 levels.