4 Aug 2015
USD/CAD eases-off 11-yr highs on oil price rebound
FXStreet (Mumbai) - The Canadian dollar managed to recover a part of yesterday’s losses versus its American rival during the European session, driving USD/CAD away from fresh multi-year highs reached just shy of 1.32 handle on Monday.
USD/CAD supported at 1.3106
Currently, the USD/CAD pair trades -0.12% lower at 1.3140, having posted day’s high at 1.3176 and day’s low at 1.3106. The Canadian dollar rebounded from fresh eleven year lows and remained well bid versus the US dollar as traders resorted to profit-booking on their CAD shorts after the recent slump.
Moreover, the loonie was offered some respite after oil prices rebounded sharply today, following steep losses booked on Monday amid persistent oversupply worries and downbeat China OMI data.
Looking ahead, the pair is likely to get influenced by the upcoming US macro releases including the US factory orders data due to be reported later in the day.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.3176 (Today’s High) levels and above which it could extend gains to 1.3200 (2004 levels). To the downside, immediate support might be located at 1.3106 (Today’s Low) levels and below that at 1.3077 (Aug 3 Low).
USD/CAD supported at 1.3106
Currently, the USD/CAD pair trades -0.12% lower at 1.3140, having posted day’s high at 1.3176 and day’s low at 1.3106. The Canadian dollar rebounded from fresh eleven year lows and remained well bid versus the US dollar as traders resorted to profit-booking on their CAD shorts after the recent slump.
Moreover, the loonie was offered some respite after oil prices rebounded sharply today, following steep losses booked on Monday amid persistent oversupply worries and downbeat China OMI data.
Looking ahead, the pair is likely to get influenced by the upcoming US macro releases including the US factory orders data due to be reported later in the day.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.3176 (Today’s High) levels and above which it could extend gains to 1.3200 (2004 levels). To the downside, immediate support might be located at 1.3106 (Today’s Low) levels and below that at 1.3077 (Aug 3 Low).