USD/CAD advanced gradually in the Asian session and defends mild gains, as the loonie continues to remain pressured on lower oil prices.
1.2700 eyed
Currently, the USD/CAD traded higher by 0.0.7% at 1.2641 levels, having posted fresh session highs at 1.2646 levels some minutes ago. The USD bulls continued its upward trajectory as traders now await a crucial US retail sales and unemployment claims later in the day for major impacts on the pair. Moreover, the loonie remains undermined on falling crude oil prices as crude is Canada’s top export.
The loonie weakened further in the US last session in reaction to very bearish comments from the Bank of Canada's (BoC) Senior Deputy Governor Carolyn Wilkins.
"Energy-related firms are already paring back investment and hiring intentions. We expect capital investment in the oil and gas sector to fall by about 30 per cent in 2015. This is huge given the importance of investment in this sector for overall growth," Wilkins noted.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2700 levels and above which it could extend gains 1.2772 levels. To the downside immediate support might be located at 1.2600 levels, below that at 1.2568 levels.
1.2700 eyed
Currently, the USD/CAD traded higher by 0.0.7% at 1.2641 levels, having posted fresh session highs at 1.2646 levels some minutes ago. The USD bulls continued its upward trajectory as traders now await a crucial US retail sales and unemployment claims later in the day for major impacts on the pair. Moreover, the loonie remains undermined on falling crude oil prices as crude is Canada’s top export.
The loonie weakened further in the US last session in reaction to very bearish comments from the Bank of Canada's (BoC) Senior Deputy Governor Carolyn Wilkins.
"Energy-related firms are already paring back investment and hiring intentions. We expect capital investment in the oil and gas sector to fall by about 30 per cent in 2015. This is huge given the importance of investment in this sector for overall growth," Wilkins noted.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2700 levels and above which it could extend gains 1.2772 levels. To the downside immediate support might be located at 1.2600 levels, below that at 1.2568 levels.
