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USD/CAD accelerates to the upside, nears 1.4000

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - USD/CAD broke to the upside and reached fresh highs during the American session, as oil prices fell to session lows in a day marked by risk aversion.

    USD/CAD picked up momentum and rose to a high of 1.3982, accumulating a 170-pip gain for the day, as coupled with CAD weakness, the US dollar strengthened across the board despite disappointing US data.

    At time of writing, USD/CAD is trading at 1.3978, up 1.2% on the day, with immediate resistances seen at 1.4000 (11-year high/psychological level) and 1.4171 (Aug 2003 monthly high). On the other hand, supports could be found at 1.3811 (Dec 28 & Jan 4 low), 1.3777 (Dec 17 low) and 1.3720 (20-day SMA).

    USD/CAD technical levels

    In terms of technical levels, immediate resistances line up at 1.3939 (Dec 29 high) and 1.3993/1.4000 (Dec 22 & 18 highs/psychological level). On the flip side, supports are seen at 1.3811 (Dec 28 low), 1.3777/75 (Dec 17 low/20-day SMA) and 1.3727 (Dec 16 low).
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