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7 Jan 2015
USD/CAD hits fresh 5-1/2 year highs
FXStreet (Mumbai) - The US dollar edged higher versus the Canadian counterpart, extending gains from the previous session, as plunging oil prices fail to provide relief to the Canadian dollar.
Currently, the USD/CAD hit a fresh five and a half year high at 1.1868 levels, gaining 0.24% on the day. USD/CAD rallied as continued slide in oil prices to fresh 6 year lows dragged down the Canadian dollar to more than five year highs. Oil is Canada’s top export product.
Moreover, The US dollar index, measuring the relative strength of the greenback against a basket of six major currencies, jumped to fresh nine-year highs at 92.14 earlier in the day and now trades at 92.09 levels, up 0.24% on the day.
Investors will now focus on a set of economic releases from Canada and the US Fed Meeting minutes due out later in the day.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.19 levels and above which it could extend gains 1.1951 levels. To the downside immediate support might be located at 1.18 levels, below that at 1.1760 levels.
Currently, the USD/CAD hit a fresh five and a half year high at 1.1868 levels, gaining 0.24% on the day. USD/CAD rallied as continued slide in oil prices to fresh 6 year lows dragged down the Canadian dollar to more than five year highs. Oil is Canada’s top export product.
Moreover, The US dollar index, measuring the relative strength of the greenback against a basket of six major currencies, jumped to fresh nine-year highs at 92.14 earlier in the day and now trades at 92.09 levels, up 0.24% on the day.
Investors will now focus on a set of economic releases from Canada and the US Fed Meeting minutes due out later in the day.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.19 levels and above which it could extend gains 1.1951 levels. To the downside immediate support might be located at 1.18 levels, below that at 1.1760 levels.