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3 Apr 2015
USD/CAD hovers around 50-DMA
FXStreet (Mumbai) - The US dollar defends mild gains versus the Canadian counterpart in the European session, although gains remain capped as stabilizing oil prices and above estimates Canadian trade balance data which continues to underpin the loonie.
USD/CAD capped by 1.26
Currently, the USD/CAD pair trades modestly higher by 0.06% at 1.2569, hovering near fresh session highs at 1.2672. The Canadian dollar remains supported against the US dollar following the Canada’s trade data surprised on the upside, with noticeable price-based improvements in energy exports. Moreover, a rebound seen in oil prices after Iran nuclear deal framework was reached in the previous session continues to keep the loonie buoyed.
In the meantime, traders are focused on the upcoming key US labor market report - non-farm payrolls. Markets expect the release to show 245,000 new positions to have been added to the country's payrolls in March, down from the upbeat 295,000 seen in the previous month.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2583 (10-DMA) levels and above which it could extend gains 1.2622 (5-DMA) levels. To the downside immediate support might be located at 1.2566 (50-DMA) levels, below that at 1.2500 levels.
USD/CAD capped by 1.26
Currently, the USD/CAD pair trades modestly higher by 0.06% at 1.2569, hovering near fresh session highs at 1.2672. The Canadian dollar remains supported against the US dollar following the Canada’s trade data surprised on the upside, with noticeable price-based improvements in energy exports. Moreover, a rebound seen in oil prices after Iran nuclear deal framework was reached in the previous session continues to keep the loonie buoyed.
In the meantime, traders are focused on the upcoming key US labor market report - non-farm payrolls. Markets expect the release to show 245,000 new positions to have been added to the country's payrolls in March, down from the upbeat 295,000 seen in the previous month.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2583 (10-DMA) levels and above which it could extend gains 1.2622 (5-DMA) levels. To the downside immediate support might be located at 1.2566 (50-DMA) levels, below that at 1.2500 levels.