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7 Jan 2015
USD/CAD declines from 5-1/2 year highs
FXStreet (Mumbai) - The USD/CAD pair eased-off from the 5-1/2 year high level of 1.1868 levels, as crude prices in the US recovered to trade 1% higher.
The pair now trades 0.07% lower at 1.1829 levels, compared to the previous session’s close at 1.1836 levels. The Canadian dollar recovered losses tracking the recovery in the WTI Crude, which now trades 1.48% higher at USD 48.61/barrel. Earlier today, Crude prices had tanked more than 2% to USD 46.85/barrel. The Canadian dollar, also being oversold, recovered despite the rise in the US Treasury yields ahead of the December Federal Reserve (Fed) minutes.
USD/CAD Technical Levels
The immediate support is seen at 1.1811 and 1.1795 (5-DMA). Meanwhile, resistance is seen at 1.1844 (Jan 6 high), above which the pair could re-test the daily high at 1.1868.
The pair now trades 0.07% lower at 1.1829 levels, compared to the previous session’s close at 1.1836 levels. The Canadian dollar recovered losses tracking the recovery in the WTI Crude, which now trades 1.48% higher at USD 48.61/barrel. Earlier today, Crude prices had tanked more than 2% to USD 46.85/barrel. The Canadian dollar, also being oversold, recovered despite the rise in the US Treasury yields ahead of the December Federal Reserve (Fed) minutes.
USD/CAD Technical Levels
The immediate support is seen at 1.1811 and 1.1795 (5-DMA). Meanwhile, resistance is seen at 1.1844 (Jan 6 high), above which the pair could re-test the daily high at 1.1868.