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19 Mar 2015
USD/CAD bounces-off from the 50-DMA
FXStreet (Mumbai) - The USD/CAD pair rose bounced-off from the 50-DMA located at 1.2546 to trade at the current level of 1.2671.
USD/CAD: Trades near a key Fibo level
The pair is trading just above the 38.2% retracement level (1.2405-1.2832) located at 1.2669. The US dollar is making a strong come back as the market prices-in the increased possibility of a rate hike in the US in June. The fed chairwoman Yellen said on Wednesday that a rate hike post April cannot be ruled out.
Meanwhile, the weakness in the Crude oil also weakened the CAD. WTI crude futures retreated more than 2% on Thursday.
USD/CAD Technical Levels
The immediate resistance is seen at 1.2710 (10-DMA), above which gains could be extended to 1.2750. On the flip side, a break below 1.2669 could send the pair down to 1.2619 levels.
USD/CAD: Trades near a key Fibo level
The pair is trading just above the 38.2% retracement level (1.2405-1.2832) located at 1.2669. The US dollar is making a strong come back as the market prices-in the increased possibility of a rate hike in the US in June. The fed chairwoman Yellen said on Wednesday that a rate hike post April cannot be ruled out.
Meanwhile, the weakness in the Crude oil also weakened the CAD. WTI crude futures retreated more than 2% on Thursday.
USD/CAD Technical Levels
The immediate resistance is seen at 1.2710 (10-DMA), above which gains could be extended to 1.2750. On the flip side, a break below 1.2669 could send the pair down to 1.2619 levels.