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18 Mar 2015
USD/CAD back below 1.2800
FXStreet (Mumbai) - USD/CAD steadies below 1.2800 levels in the European morning, as falling oil prices and weaker Canadian manufacturing data continues to weigh. While USD bulls remain cautious ahead of FOMC statement to be released later in the day.
USD/CAD retesting 1.2800
Currently, the USD/CAD trades flat at 1.2794 levels, bouncing off fresh session highs ahead of 1.2800 some minutes ago. USD/CAD remains supported as the loonie remains pressured on the back of tumbling oil prices to near 6-year lows and on below estimates Canadian manufacturing sales data released in the US last session.
Canadian manufacturing sales which revealed a steep fall in the manufacturing figures, with sales declining 1.7% to CAD51.4 billion in January, against estimates of a decline of 1.2%.
However, USD/CAD is expected to remain underpinned in the day ahead as the USD bulls are likely to jump back into bids ahead of Canadian wholesale sales data and FOMC decision.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2825 levels and above which it could extend gains 1.2900 levels. To the downside immediate support might be located at 1.2747 levels, below that at 1.2700 levels.
USD/CAD retesting 1.2800
Currently, the USD/CAD trades flat at 1.2794 levels, bouncing off fresh session highs ahead of 1.2800 some minutes ago. USD/CAD remains supported as the loonie remains pressured on the back of tumbling oil prices to near 6-year lows and on below estimates Canadian manufacturing sales data released in the US last session.
Canadian manufacturing sales which revealed a steep fall in the manufacturing figures, with sales declining 1.7% to CAD51.4 billion in January, against estimates of a decline of 1.2%.
However, USD/CAD is expected to remain underpinned in the day ahead as the USD bulls are likely to jump back into bids ahead of Canadian wholesale sales data and FOMC decision.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2825 levels and above which it could extend gains 1.2900 levels. To the downside immediate support might be located at 1.2747 levels, below that at 1.2700 levels.