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13 Apr 2015
USD/CAD back above 1.26
FXStreet (Mumbai) - USD/CAD extends its upside momentum in the European morning, snapping a brief reversal seen in the previous session, as the US dollar still holds a strong bullish tone leading to the rally in the pair.
USD/CAD heads towards 1.2625
Currently, the USD/CAD trades higher by 0.36% at 1.2610, retreating from fresh session highs posted at 1.2625 some time ago. The USD/CAD pair trades higher despite a muted US dollar and rising oil prices as the pair continues to remain elevated on the underlying USD bullish momentum with US retails sales data next in focus amid lack of significant economic data from the US and Canada today.
The pair regained strength largely on the back of a short-covering rally after Friday’s upbeat Canadian employment data induced slump. Canada's labour market surprised in March, churning out 29,000 new jobs, far exceeding expectations of a decline of 10,000. The unemployment rate stayed steady at 6.8 per cent.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2669 levels and above which it could extend gains 1.2700 levels. To the downside immediate support might be located at 1.2560 levels, below that at 1.2540 levels.
USD/CAD heads towards 1.2625
Currently, the USD/CAD trades higher by 0.36% at 1.2610, retreating from fresh session highs posted at 1.2625 some time ago. The USD/CAD pair trades higher despite a muted US dollar and rising oil prices as the pair continues to remain elevated on the underlying USD bullish momentum with US retails sales data next in focus amid lack of significant economic data from the US and Canada today.
The pair regained strength largely on the back of a short-covering rally after Friday’s upbeat Canadian employment data induced slump. Canada's labour market surprised in March, churning out 29,000 new jobs, far exceeding expectations of a decline of 10,000. The unemployment rate stayed steady at 6.8 per cent.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2669 levels and above which it could extend gains 1.2700 levels. To the downside immediate support might be located at 1.2560 levels, below that at 1.2540 levels.