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).
