USD/CAD back above 1.3900

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 30, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - USD/CAD resumed the advance after yesterday’s setback and rose back above 1.3900 as investors await the US weekly oil inventories report.

    US dollar gathered pace at the beginning of the New York session and climbed to a peak of 1.3917 versus the loonie, but failed to hold at highs. At time of writing, USD/CAD was trading at 1.3895, down 0.38% on the day.

    Later on the session, the Energy Information Administration (EIA) report is expected to show US crude inventories declined by 2.5 million barrels in the week ended Dec 25. Data could trigger response in oil prices and the Canadian dollar.

    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 (Dec 17 low) and 1.3720 (20-day SMA).
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