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24 Feb 2015
USD/CAD hits fresh 2-week highs beyond 1.2600
FXStreet (Mumbai) - USD/CAD extended gains and rallied to fresh two-week highs during the European session on the back of broad based US dollar strength ahead of Yellen’s speech before the Senate later in the day.
USD/CAD lifted on USD strength
Currently, the USD/CAD trades higher by 0.26% near fresh two week highs at 1.2647 levels, well bid above 1.2600 levels. The pair climbed higher largely on USD strength versus its major counterparts. The US dollar index, which measures the relative value of the greenback versus six major currencies, advanced to fresh daily highs at 94.93 levels, up 0.28% on the day. Moreover, weaker oil prices continue to weigh on the resource-linked loonie, boosting the upside in USD/CAD.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2678 levels and above which it could extend gains 1.2700 levels. To the downside immediate support might be located at 1.2553 levels, below that at 1.2507 levels.
USD/CAD lifted on USD strength
Currently, the USD/CAD trades higher by 0.26% near fresh two week highs at 1.2647 levels, well bid above 1.2600 levels. The pair climbed higher largely on USD strength versus its major counterparts. The US dollar index, which measures the relative value of the greenback versus six major currencies, advanced to fresh daily highs at 94.93 levels, up 0.28% on the day. Moreover, weaker oil prices continue to weigh on the resource-linked loonie, boosting the upside in USD/CAD.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.2678 levels and above which it could extend gains 1.2700 levels. To the downside immediate support might be located at 1.2553 levels, below that at 1.2507 levels.