USD/CAD retreats from highest levels since April 2009

FXStreet (Mumbai) – The US dollar trimmed gains against the Canadian counterpart, although trades close to fresh six year highs reached earlier in the session.

Currently, the USD/CAD pair traded flat at 1.2484, retracing from fresh six-year highs at 1.2494 levels clocked in the early Asian morning. The loonie continues to be hit by weakening crude prices as WTI prices once again trades near USD 45/ barrel. Moreover, traders are expected to remain on the edge ahead of the US Federal Reserve (Fed) policy meeting on Wednesday, as markets see some caution.

USD/CAD Technical Levels

To the upside, the next resistance is located at 1.2500 levels and above which it could extend gains 1.2530 levels. To the downside immediate support might be located at 1.2437 levels, below that at 1.2405 levels.
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