24 Jun 2015
USD/CAD breaks above 1.2400
FXStreet (Córdoba) - USD/CAD extended gains and reached fresh 2-week highs as a bigger than expected decrease in US crude inventories wasn’t good enough to offset greenback strength.
USD/CAD climbed further and broke above the 100-day SMA (1.2393) and the 1.24 mark to post its highest level in 2 weeks at 1.2410 in recent dealings. A brief spike in oil prices following EIA inventories data (-4.9m vs -1.8m exp.) failed to help the loonie. At time of writing, USD/CAD is trading at 1.2398, recording a 0.6% gain on Wednesday.
USD/CAD technical levels
In terms of technical levels, USD/CAD could face next resistances at 1.2440 (Jun 9 high) and 1.2472 (Jun Jun 8 high). On the other hand, supports are seen at 1.2300/1.2295 (psychological level/10-day SMA) and 1.2275 (Jun 24 low).
USD/CAD climbed further and broke above the 100-day SMA (1.2393) and the 1.24 mark to post its highest level in 2 weeks at 1.2410 in recent dealings. A brief spike in oil prices following EIA inventories data (-4.9m vs -1.8m exp.) failed to help the loonie. At time of writing, USD/CAD is trading at 1.2398, recording a 0.6% gain on Wednesday.
USD/CAD technical levels
In terms of technical levels, USD/CAD could face next resistances at 1.2440 (Jun 9 high) and 1.2472 (Jun Jun 8 high). On the other hand, supports are seen at 1.2300/1.2295 (psychological level/10-day SMA) and 1.2275 (Jun 24 low).