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14 Jan 2015
USD/CAD eases from 6-year highs above 1.2000
FXStreet (Córdoba) - The Canadian dollar is taking a breather on Wednesday after posting fresh 6-year lows versus the greenback during the European session, mirroring oil prices' mild recovery.
USD/CAD finally broke above 1.2000 and reached its highest level since April 2009 at 1.2016 before pulling back amid profit-taking. At time of writing, the pair is trading at the 1.1970 area, 0.13% above its opening price.
While oil selloff has been a drag for the loonie for some time now, copper fall is attracting market's attention and is weighing broadly on commodity currencies.
USD/CAD levels to watch
In terms of technical levels, on the upside next resistances are seen at 1.2048 (Apr 30 2009 high) and 1.2075 (Apr 27 2009 low). On the downside, supports could be found at 1.1925 (Jan 13 low) and 1.1900 (psychological level).
USD/CAD finally broke above 1.2000 and reached its highest level since April 2009 at 1.2016 before pulling back amid profit-taking. At time of writing, the pair is trading at the 1.1970 area, 0.13% above its opening price.
While oil selloff has been a drag for the loonie for some time now, copper fall is attracting market's attention and is weighing broadly on commodity currencies.
USD/CAD levels to watch
In terms of technical levels, on the upside next resistances are seen at 1.2048 (Apr 30 2009 high) and 1.2075 (Apr 27 2009 low). On the downside, supports could be found at 1.1925 (Jan 13 low) and 1.1900 (psychological level).