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24 Dec 2014
USD/CAD hits fresh daily lows
FXStreet (Mumbai) - The Canadian dollar traded unchanged against the US counterpart today, reversing extending losses from the previous session, despite reports that the economy of Canada expanded at a solid pace.
THE USD/CAD pair trades flat, close to the day’s low of 1.1606 levels some minutes ago. The Canadian dollar strengthened versus the greenback yesterday after the GDP in Canada saw 0.3% m/m advance in October, beating markets’ consensus of 0.1%. However, the gains in the loonie were soon offset after the US economy saw its best quarter in more than a decade which boosted the US dollar to reach multi-year peaks. The Canadian dollar is likely to remain pressured as the demand for US dollar is expected to be on the rise ahead of Christmas holidays.
USD/CAD Levels to consider
To the upside, the next resistance is located at 1.1634 (Dec 19 High) and above which it could extend gains to 1.1647 (Dec 18 High) levels. To the downside immediate support might be located at 1.1565 (Dec 18 Low) and below that at 1.1520 levels.
THE USD/CAD pair trades flat, close to the day’s low of 1.1606 levels some minutes ago. The Canadian dollar strengthened versus the greenback yesterday after the GDP in Canada saw 0.3% m/m advance in October, beating markets’ consensus of 0.1%. However, the gains in the loonie were soon offset after the US economy saw its best quarter in more than a decade which boosted the US dollar to reach multi-year peaks. The Canadian dollar is likely to remain pressured as the demand for US dollar is expected to be on the rise ahead of Christmas holidays.
USD/CAD Levels to consider
To the upside, the next resistance is located at 1.1634 (Dec 19 High) and above which it could extend gains to 1.1647 (Dec 18 High) levels. To the downside immediate support might be located at 1.1565 (Dec 18 Low) and below that at 1.1520 levels.