7 Apr 2015
USD/CAD rises above 1.2500
FXStreet (Córdoba) - USD/CAD climbed back above the 1.2500 level and printed fresh daily highs during the New York session as the greenback recovers ground.
USD/CAD had been testing the the 1.2430 area over the last sessions as the dollar weakened on the back of NFP data and the loonie benefited from a rise in oil prices, but the pair turned higher on Tuesday amid a broad USD recovery. Having reached a 4-day high of 1.2521, USD/CAD is currently trading at 1.2508, recording a 0.24% gain.
USD/CAD short-term outlook
“We continue to think there is downside potential in USDCAD at the moment”, said the TD Securities team. “Intraday, look for the market to fade rallies to the 1.25 area. We spot strong technical resistance at 1.2525/50 and key support at 1.2360”.
USD/CAD had been testing the the 1.2430 area over the last sessions as the dollar weakened on the back of NFP data and the loonie benefited from a rise in oil prices, but the pair turned higher on Tuesday amid a broad USD recovery. Having reached a 4-day high of 1.2521, USD/CAD is currently trading at 1.2508, recording a 0.24% gain.
USD/CAD short-term outlook
“We continue to think there is downside potential in USDCAD at the moment”, said the TD Securities team. “Intraday, look for the market to fade rallies to the 1.25 area. We spot strong technical resistance at 1.2525/50 and key support at 1.2360”.