Back
23 Jan 2015
USD/CAD treads waters, Canada’s CPI in focus
FXStreet (Mumbai) - The US dollar traded flat against the Canadian counterpart in a choppy Asian morning, pulling away from fresh six-year highs reached in the previous session.
Currently, the USD/CAD pair traded unchanged at 1.2377, retracing from fresh six-year highs at 1.2421 levels clocked in the previous session. The USD/CAD rallied to six year highs after the ECB announced its massive QE program, higher than market expectations, which pushed the USD to multi-year highs.
Meanwhile, the USD/CAD pair is expected to remain cautious ahead of crucial Canada’s inflation and retails sales data due for release later today.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2421 levels and above which it could extend gains 1.2395 levels. To the downside immediate support might be located at 1.2340 levels, below that at 1.2300 levels.
Currently, the USD/CAD pair traded unchanged at 1.2377, retracing from fresh six-year highs at 1.2421 levels clocked in the previous session. The USD/CAD rallied to six year highs after the ECB announced its massive QE program, higher than market expectations, which pushed the USD to multi-year highs.
Meanwhile, the USD/CAD pair is expected to remain cautious ahead of crucial Canada’s inflation and retails sales data due for release later today.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2421 levels and above which it could extend gains 1.2395 levels. To the downside immediate support might be located at 1.2340 levels, below that at 1.2300 levels.