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2 Mar 2015
USD/CAD wavers around 20-DMA
FXStreet (Mumbai) - USD/CAD reversed previous gains and edged lower in the early European morning, largely on the back of profit-taking after the recent rally on better than expected US macro data released on Friday.
USD/CAD slips from 1.2522 levels
Currently, the USD/CAD trades lower by -0.13% at 1.2498 levels, hovering close to fresh session lows posted at 1.2494 levels some minutes ago. The pair pared US data backed gains and dropped to session lows as the traders took to profit booking on their long positions after the pair rallied to fresh weekly highs in the last week.
Meanwhile, the pair is expected to rebound and edge higher ahead of US economic data later today and also ahead of Canada’s GDP data due out tomorrow.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2535 levels and above which it could extend gains 1.2566 levels. To the downside immediate support might be located at 1.2450 levels, below that at 1.2404 levels.
USD/CAD slips from 1.2522 levels
Currently, the USD/CAD trades lower by -0.13% at 1.2498 levels, hovering close to fresh session lows posted at 1.2494 levels some minutes ago. The pair pared US data backed gains and dropped to session lows as the traders took to profit booking on their long positions after the pair rallied to fresh weekly highs in the last week.
Meanwhile, the pair is expected to rebound and edge higher ahead of US economic data later today and also ahead of Canada’s GDP data due out tomorrow.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2535 levels and above which it could extend gains 1.2566 levels. To the downside immediate support might be located at 1.2450 levels, below that at 1.2404 levels.