USD/CAD advances as oil falls

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 28, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - USD/CAD continued to push higher and broke above the 100-hour SMA to fresh highs, as the Canadian dollar slumped in sync with oil prices in an otherwise very quiet session.

    USD/CAD climbed through the 1.39 mark and reached a daily peak of 1.3915 during the New York session before losing momentum. The pair has retreated slightly from highs and it was last trading at 1.3898, recording a 0.51% daily gain.

    Despite the recent pullback, USD/CAD continues to trade near its 11-year peak of 1.4000 scored ten days ago.

    USD/CAD levels to watch

    On the upside, if USD/CAD breaks above 1.3915 (Dec 28 high), next resistances are seen at 1.3935 (Dec 23 high) and 1.3993/1.4000 (Dec 22 & 18 highs/psychological level). On the downside, supports could be found at 1.3811 (Dec 28 low), 1.3777 (Dec 17 low) and 1.3727 (Dec 16 low).
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