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4 Sep 2015
USD/CAD firmer above 1.3200, lower oil supports
FXStreet (Mumbai) - USD/CAD extends its side-trend from mid-Asia, although remains well bid during the European session, as the Canadian dollar falls in sync with other commodity-currencies.
USD/CAD capped below 1.3240
Currently, the USD/CAD pair trades 0.27% higher at 1.3214 cling to the 1.32 barrier. The Canadian dollar appears to be correcting lower this session after the recent rally backed by above estimates CAD trade data and slight retreat in the US dollar seen on Thursday.
Moreover, falling oil prices ahead of US jobs report also contributes to the downside in the Canadian dollar, thereby dragging USD/CAD higher. Oil is Canada’s top export product.
Besides the key US NFP data due later today, CAD traders will also await the Canadian employment report for further momentum on the pair.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.3307 (Aug 27 High) levels and above which it could extend gains to 1.3350 (Aug 26 High). To the downside, immediate support might be located at 1.3163 (Aug 28 Low) levels and below that at 1.3133 (Sept 3 Low).
USD/CAD capped below 1.3240
Currently, the USD/CAD pair trades 0.27% higher at 1.3214 cling to the 1.32 barrier. The Canadian dollar appears to be correcting lower this session after the recent rally backed by above estimates CAD trade data and slight retreat in the US dollar seen on Thursday.
Moreover, falling oil prices ahead of US jobs report also contributes to the downside in the Canadian dollar, thereby dragging USD/CAD higher. Oil is Canada’s top export product.
Besides the key US NFP data due later today, CAD traders will also await the Canadian employment report for further momentum on the pair.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.3307 (Aug 27 High) levels and above which it could extend gains to 1.3350 (Aug 26 High). To the downside, immediate support might be located at 1.3163 (Aug 28 Low) levels and below that at 1.3133 (Sept 3 Low).