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27 Feb 2015
USD/CAD steadies below 1.2500
FXStreet (Mumbai) - USD/CAD reversed previous gains and edged lower in the European morning, resuming its losing streak after a brief reversal seen yesterday.
USD/CAD slips from 1.2505 levels
Currently, the USD/CAD trades lower by -0.21% at 1.2490 levels, retreating slightly from fresh session lows posted at 1.2484 levels. The pair pared US data backed gains and extended its downward trajectory as the US dollar was sold-off largely on profit-taking rally after the recent strength. Moreover, a sharp rebound in oil prices boosted the Canadian dollar, adding to further losses in USD/CAD.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2535 levels and above which it could extend gains 1.2566 levels. To the downside immediate support might be located at 1.2446 levels, below that at 1.2404 levels.
USD/CAD slips from 1.2505 levels
Currently, the USD/CAD trades lower by -0.21% at 1.2490 levels, retreating slightly from fresh session lows posted at 1.2484 levels. The pair pared US data backed gains and extended its downward trajectory as the US dollar was sold-off largely on profit-taking rally after the recent strength. Moreover, a sharp rebound in oil prices boosted the Canadian dollar, adding to further losses in USD/CAD.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2535 levels and above which it could extend gains 1.2566 levels. To the downside immediate support might be located at 1.2446 levels, below that at 1.2404 levels.