USD/CAD attempts to consolidate above 1.3600

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 10, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - The US dollar advanced versus its Canadian counterpart and approached the 1.3600 level during the American session, as the loonie continues to feel the pressure from lower oil prices, as WTI trades back below $37.00 a barrel.

    USD/CAD gathered pace after bouncing from a low of 1.3531 and climbed to a high of 1.3606 in recent dealings. However, despite having struck an 11-year peak this week, USD/CAD has been unable to consolidate above the psychological level. At time of writing, the pair is trading at 1.3601, recording a 0.17% gain on the day.

    USD/CAD technical levels

    In terms of technical levels, immediate resistances line up at 1.3616 (11-year high, Dec 8), 1.3633 (Jun 23 2004 high), 1.3672 (Jun 23 2004 high) ahead of 1.3700 (psychological level). On the other hand, supports are seen at 1.3515 (Dec 9 low), 1.3495 (Dec 8 low), 1.3440 (10-day SMA) and 1.3364 (Dec 7 low).
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