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Loonie fails to hold gains versus US dollar

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - USD/CAD saw a short-lived pullback and posted fresh daily lows as the loonie strengthened in tandem with oil prices following a report that showed an unexpected decline in US crude inventories last week.

    USD/CAD slid to a low of 1.3515 but lacked follow through despite broad USD weakness, and quickly bounced back to square one. At time of writing, the pair is trading at 1.3573, virtually unchanged on the day and still close its 11-year peak struck Tuesday at 1.3622.

    In the absence of first-tier data, USD/CAD has continued to track market sentiment and oil prices as investors adopt a cautious stance ahead of the Federal Reserve meeting next week.

    USD/CAD levels to watch

    As for technical levels, immediate resistances are seen at 1.3622 (2015 high, Dec 8), 1.3633 (Jun 23 2004 high) and 1.3672 (Jun 23 2004 high) ahead of 1.3700 (psychological level). On the flip side, supports could be faced 1.3515 (Dec 9 low), 1.3495 (Dec 8 low), 1.3410 (10-day SMA) and 1.3364 (Dec 7 low).
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