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23 Feb 2015
USD/CAD reaches fresh 2-week highs
FXStreet (Mumbai) - USD/CAD extends its ascent and climbed to fresh two week highs after the USD bulls jumped back in to bids fuelling a broad based US dollar recovery.
USD/CAD lifted on USD strength
Currently, the USD/CAD trades higher by 0.45% near fresh highs at 1.2588 levels, on its way to test 1.2600 levels. The pair extended gains, largely on a stronger US dollar versus its major peers. The US dollar index, which measures the relative value of the greenback versus six major currencies, advanced to fresh daily highs at 94.86 levels, up 0.47% on the day.
Moreover, sliding oil prices also dented the resource-linked loonie, boosting the USD/CAD pair higher.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2624 levels and above which it could extend gains 1.2648 levels. To the downside immediate support might be located at 1.2559 (10-DMA) levels, below that at 1.2509 (50-DMA) levels.
USD/CAD lifted on USD strength
Currently, the USD/CAD trades higher by 0.45% near fresh highs at 1.2588 levels, on its way to test 1.2600 levels. The pair extended gains, largely on a stronger US dollar versus its major peers. The US dollar index, which measures the relative value of the greenback versus six major currencies, advanced to fresh daily highs at 94.86 levels, up 0.47% on the day.
Moreover, sliding oil prices also dented the resource-linked loonie, boosting the USD/CAD pair higher.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2624 levels and above which it could extend gains 1.2648 levels. To the downside immediate support might be located at 1.2559 (10-DMA) levels, below that at 1.2509 (50-DMA) levels.