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21 May 2015
USD/CAD rises to 1.2239
FXStreet (Mumbai) - The USD/CAD is being bid higher, after the labor department data in the US showed the four-week moving average of the claims fell to fresh fifteen year low. The pair now trades near the session high of 1.2239.
CAD hit by strong US data
The Canadian dollar failed to strengthen against the USD as the gains in the Crude prices were overshadowed by the strong labor department data in the US. The four-week average of claims, which provides a more accurate picture of the labor market strength, decreased to 266,250, lowest since April 15, 2000, in the period ended May 16 from 271,750.
Ahead in the day, the pair could be influenced by the existing home sales data and regional manufacturing indices in the US. Crude prices too could be eyed by the CAD traders.
USD/CAD Technical Levels
The immediate resistance is seen at 1.2283 (50-DMA), above which gains could be extended to 1.2326 (Apr. 16 high). On the flip side, a break below 1.22 could drive the pair lower to its 5-DMA located at 1.2164.
CAD hit by strong US data
The Canadian dollar failed to strengthen against the USD as the gains in the Crude prices were overshadowed by the strong labor department data in the US. The four-week average of claims, which provides a more accurate picture of the labor market strength, decreased to 266,250, lowest since April 15, 2000, in the period ended May 16 from 271,750.
Ahead in the day, the pair could be influenced by the existing home sales data and regional manufacturing indices in the US. Crude prices too could be eyed by the CAD traders.
USD/CAD Technical Levels
The immediate resistance is seen at 1.2283 (50-DMA), above which gains could be extended to 1.2326 (Apr. 16 high). On the flip side, a break below 1.22 could drive the pair lower to its 5-DMA located at 1.2164.