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10 Dec 2014
USD/CAD consolidating above 1.14 handle
FXStreet (Mumbai) - The loonie was seen trading in a narrow range against the US counterpart, consolidating between 1.1430-1.1462 levels.
Currently, the USD/CAD pair trades modestly flat at 1.1456 levels, after having recorded a high of 1.1462 in the European morning. The pair trades almost unchanged in absence of any US economic data later in the day. One key event which may decide the direction of loonie is the Bank of Canada (BoC) press conference during the American session.
The commodity currency remains vulnerable to downside risk on falling oil prices, as oil is Canada’s primary export.
USD/CAD Levels to consider
The pair has an immediate resistance at 1.1486 (Dec 8 High) levels, above which gains could be extended to 1.501 (Dec 9 High) levels. On the flip side, support is seen at 1.1421 (Dec 8 Low), below which it could extend losses to 1.14 levels.
Currently, the USD/CAD pair trades modestly flat at 1.1456 levels, after having recorded a high of 1.1462 in the European morning. The pair trades almost unchanged in absence of any US economic data later in the day. One key event which may decide the direction of loonie is the Bank of Canada (BoC) press conference during the American session.
The commodity currency remains vulnerable to downside risk on falling oil prices, as oil is Canada’s primary export.
USD/CAD Levels to consider
The pair has an immediate resistance at 1.1486 (Dec 8 High) levels, above which gains could be extended to 1.501 (Dec 9 High) levels. On the flip side, support is seen at 1.1421 (Dec 8 Low), below which it could extend losses to 1.14 levels.