The US dollar bounced-back against the Canadian counterpart in the early European morning, reversing previous losses as profit taking pushed the loonie on the back seat.
Back above 1.2600
Currently, the USD/CAD recovered previous losses and traded higher by 0.43% at 1.2622 levels. The USD bulls resumed its upward trajectory as traders moved past weak US economic data released yesterday and now look forward to the US and Canadian labor reports on Friday. However, stabilizing oil prices are likely to keep the upside restricted.
The loonie strengthened in the US last session after rebounding Crude oil prices offered substantial support to the commodity-based currency, as WTI futures rose 4% to around USD 50/ barrel and Brent also soared above 4% to trade above USD 55/ barrel.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2644 levels and above which it could extend gains 1.2678 levels. To the downside immediate support might be located at 1.2553 levels, below that at 1.2507 levels.
Back above 1.2600
Currently, the USD/CAD recovered previous losses and traded higher by 0.43% at 1.2622 levels. The USD bulls resumed its upward trajectory as traders moved past weak US economic data released yesterday and now look forward to the US and Canadian labor reports on Friday. However, stabilizing oil prices are likely to keep the upside restricted.
The loonie strengthened in the US last session after rebounding Crude oil prices offered substantial support to the commodity-based currency, as WTI futures rose 4% to around USD 50/ barrel and Brent also soared above 4% to trade above USD 55/ barrel.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2644 levels and above which it could extend gains 1.2678 levels. To the downside immediate support might be located at 1.2553 levels, below that at 1.2507 levels.
