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10 Apr 2015
USD/CAD rises above 1.26
FXStreet (Mumbai) - The USD/CAD pair rose above 1.26 levels to trade above the previous session’s high of 1.2611.
USD/CAD: Gains for fourth consecutive session
The bid tone on the US dollar persisted throughout the week as the markets remain convinced that the Fed would raise rates in 2015. Meanwhile, weakness in the Crude prices weakened CAD. WTI Crude prices weakened from a high of USD 54.13/barrel to trade at USD 50.66/barrel today.
The pair appears poised to end the week higher, as we do not have first tier data releases in the US, that could turn around the situation and result in major USD weakness.
USD/CAD Technical Levels
The immediate resistance is seen at 1.2662, above which gains could be 1.27 levels. On the flip side, a break below 1.2575 could drive the pair lower to 1.2542 (hourly 50-MA).
USD/CAD: Gains for fourth consecutive session
The bid tone on the US dollar persisted throughout the week as the markets remain convinced that the Fed would raise rates in 2015. Meanwhile, weakness in the Crude prices weakened CAD. WTI Crude prices weakened from a high of USD 54.13/barrel to trade at USD 50.66/barrel today.
The pair appears poised to end the week higher, as we do not have first tier data releases in the US, that could turn around the situation and result in major USD weakness.
USD/CAD Technical Levels
The immediate resistance is seen at 1.2662, above which gains could be 1.27 levels. On the flip side, a break below 1.2575 could drive the pair lower to 1.2542 (hourly 50-MA).