USD/CAD Manages to Hold Above 1.2500

USD/CAD Manages to Hold Above 1.2500

2 May 2016, 21:02
Roberto Jacobs
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USD/CAD Manages to Hold Above 1.2500

USD/CAD regained most of the lost ground as oil prices turned lower during the American session, pressuring the Canadian dollar.

USD/CAD made a bearish attempt but it was contained by the 1.2510 area and bounced toward 1.2560 - moving inversely with oil - before steadying in a narrow range over the last hours. At time of writing, the pair is trading at 1.2550, still 0.21% below its opening price.

USD/CAD technical levels

As for technical levels, immediate supports are seen at 1.2497 (2016 low, Apr 29), 1.2474 (Jul 1 2015 low) and 1.2413 (100-week SMA). On the flip side, resistances line up at 1.2605 (Apr 28 high), 1.2623 (10-day SMA) and 1.2685 (Apr 26 high).


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