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31 Dec 2014
USD/CAD hovers around 10-DMA
FXStreet (Mumbai) - The Canadian dollar advanced against the US counterpart in the Asian morning, extending gains for the second straight session, despite falling oil prices.
The USD/CAD pair now trades at 1.1604, down -0.29% on the day, having hit intraday low at 1.1588 levels couple of hours ago. The USD/CAD pair edged lower as the US dollar lost ground against its major counterparts after weaker than estimates US consumer confidence numbers dragged the greenback lower. The USD/CAD is likely to trade lower as the US dollar continues to drift away from multi-year peaks to trade now at 90.25 levels.
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 at 1.1604, down -0.29% on the day, having hit intraday low at 1.1588 levels couple of hours ago. The USD/CAD pair edged lower as the US dollar lost ground against its major counterparts after weaker than estimates US consumer confidence numbers dragged the greenback lower. The USD/CAD is likely to trade lower as the US dollar continues to drift away from multi-year peaks to trade now at 90.25 levels.
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.