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26 Jan 2015
USD/CAD sits at a new 6-yr high
FXStreet (Mumbai) - The US dollar advanced against the Canadian counterpart, extending its side-ways movement into the European morning and sits at multi-year highs.
Currently, the USD/CAD pair traded 0.21% higher at 1.2447, retracing from fresh six-year highs at 1.2460 levels clocked in the Asian morning. The USD/CAD continued its upward momentum as falling commodity prices continued to hurt the resource-linked loonie. Moreover, strengthening US dollar against its major counter parts also added to the gains in the commodity currency.
Meanwhile, the pair may remain buoyed as traders look for fresh directions in a data-light day.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2460 levels and above which it could extend gains 1.2495 levels. To the downside immediate support might be located at 1.2400 levels, below that at 1.2356 levels.
Currently, the USD/CAD pair traded 0.21% higher at 1.2447, retracing from fresh six-year highs at 1.2460 levels clocked in the Asian morning. The USD/CAD continued its upward momentum as falling commodity prices continued to hurt the resource-linked loonie. Moreover, strengthening US dollar against its major counter parts also added to the gains in the commodity currency.
Meanwhile, the pair may remain buoyed as traders look for fresh directions in a data-light day.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2460 levels and above which it could extend gains 1.2495 levels. To the downside immediate support might be located at 1.2400 levels, below that at 1.2356 levels.