USD/CAD Recovery from 9-Month Lows Falters Near 1.2600

USD/CAD Recovery from 9-Month Lows Falters Near 1.2600

27 April 2016, 12:31
Roberto Jacobs
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USD/CAD Recovery from 9-Month Lows Falters Near 1.2600

The USD/CAD pair is seen trying hard to extend the recovery above 1.26 handle, but in vain, as higher oil prices and a broadly lower USD continue to weigh.

USD/CAD rejected near daily pivot

Currently, the USD/CAD pair drops -0.09% to 1.2593, having failed an attempt to reclaim 1.26 mark. The Loonie keeps the bullish momentum intact as the oil prices extend the overnight rally and sit at fresh 2016 peaks. Both crude benchmarks are rallying over 2% on the back of falling crude supplies reports.

Adding to downward pressures on the USD/CAD pair, the US dollar keeps the red against its major peers amid increased nervousness ahead of the US interest rates decision. The USD index drops -0.11% to 94.36 levels.

USD/CAD Technical Levels

To the upside, the next resistances are seen near 1.2634/44 (daily high/ 5-DMA) and 1.2689/1.2700 (10-DMA/ round number). To the downside, immediate support might be located at 1.2550 (July 2015 Levels) and below that 1.2487/71 (daily S3/ July 2015 Low).


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