USD/CAD edged higher in the mid-European session, recovering losses from the previous session on strengthening US dollar across the board.
Focus on US and Canada’s labour report
Currently, the USD/CAD pair traded higher by 0.21% at fresh session highs of 1.2459 levels, having bounced-off day’s low at 1.2429 levels. The loonie weakened today despite rebounding oil prices as the USD gained versus its major counterparts. The US dollar index, measuring the relative strength of the greenback versus six major currencies climbed 0.18% higher at 93.84 levels.
The loonie rose in the US last session after rising oil prices boosted the Canadian dollar, as both crude benchmarks rose over 6%. Moreover, encouraging Canadian trade balance data also lifted the CAD against the greenback.
Meanwhile, traders now await employment data from the US and Canada for further moves on the commodity currency.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2539 levels and above which it could extend gains 1.2587 levels. To the downside immediate support might be located at 1.2400 levels, below that at 1.2351 levels.
Focus on US and Canada’s labour report
Currently, the USD/CAD pair traded higher by 0.21% at fresh session highs of 1.2459 levels, having bounced-off day’s low at 1.2429 levels. The loonie weakened today despite rebounding oil prices as the USD gained versus its major counterparts. The US dollar index, measuring the relative strength of the greenback versus six major currencies climbed 0.18% higher at 93.84 levels.
The loonie rose in the US last session after rising oil prices boosted the Canadian dollar, as both crude benchmarks rose over 6%. Moreover, encouraging Canadian trade balance data also lifted the CAD against the greenback.
Meanwhile, traders now await employment data from the US and Canada for further moves on the commodity currency.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2539 levels and above which it could extend gains 1.2587 levels. To the downside immediate support might be located at 1.2400 levels, below that at 1.2351 levels.
