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11 May 2015
USD/CAD hits fresh session highs near 1.2150
FXStreet (Mumbai) - The US dollar snapped previous losses and rebounded sharply higher against its Canadian counterpart in the European trading, with USD/CAD extending beyond 1.21 handle, largely on the back of short-covering rally after the pair was heavily sold-off on Friday amid mixed jobs data from the US and Canada.
USD/CAD back above 1.21 barrier
Currently, the USD/CAD trades higher by 0.59% at fresh session highs reached at 1.2144 some minutes ago. The USD/CAD pair extends gains this session as the loonie remained little affected from Chinese policymakers announcement on Sunday that they would be cutting interest rates further in an effort to revive the slowing economy.
Moreover, lower oil prices and firmer US dollar across the board continues to lift USD/CAD while mixed Canadian employment data published on Friday also keeps the CAD undermined.
Canada shed 19,700 positions in April against the expected loss of 5,000 jobs, well below the surprising 28,700 gains in March. However, the unemployment rate came in at 6.8% - the same as March - versus predictions of 6.9%.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2165 levels and above which it could extend gains 1.2183 levels. To the downside immediate support might be located at 1.2100 levels, below that at 1.2050 levels.
USD/CAD back above 1.21 barrier
Currently, the USD/CAD trades higher by 0.59% at fresh session highs reached at 1.2144 some minutes ago. The USD/CAD pair extends gains this session as the loonie remained little affected from Chinese policymakers announcement on Sunday that they would be cutting interest rates further in an effort to revive the slowing economy.
Moreover, lower oil prices and firmer US dollar across the board continues to lift USD/CAD while mixed Canadian employment data published on Friday also keeps the CAD undermined.
Canada shed 19,700 positions in April against the expected loss of 5,000 jobs, well below the surprising 28,700 gains in March. However, the unemployment rate came in at 6.8% - the same as March - versus predictions of 6.9%.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2165 levels and above which it could extend gains 1.2183 levels. To the downside immediate support might be located at 1.2100 levels, below that at 1.2050 levels.