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3 Feb 2015
USD/CAD extends correction below 1.2500
FXStreet (Córdoba) - USD/CAD extended its corrective phase from fresh 6-year highs into a second day on Tuesday, as the loonie strengthened in tandem with oil prices.
The Canadian dollar shrugged off disappointing domestic data, and rose across the board mirroring oil prices' recovery. USD/CAD has dropped more than 200 pips from daily highs, falling through the 1.25 mark to hit a low of 1.2424 in recent dealings.
USD/CAD levels to watch
At time of writing, USD/CAD is trading at 1.2440, recording a 0.96% loss on the day. On the downside, next supports are seen at 1.2400 (psychological level) and 1.2379 (Jan 27 low). On the upside, resistances line up at 1.2643 (daily high), 1.2676 (Jan 29 high) and 1.2700 (psychological level).
The Canadian dollar shrugged off disappointing domestic data, and rose across the board mirroring oil prices' recovery. USD/CAD has dropped more than 200 pips from daily highs, falling through the 1.25 mark to hit a low of 1.2424 in recent dealings.
USD/CAD levels to watch
At time of writing, USD/CAD is trading at 1.2440, recording a 0.96% loss on the day. On the downside, next supports are seen at 1.2400 (psychological level) and 1.2379 (Jan 27 low). On the upside, resistances line up at 1.2643 (daily high), 1.2676 (Jan 29 high) and 1.2700 (psychological level).