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USD/CAD breaks above 1.4300, fresh cycle highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - USD/CAD resumed its long-term rise and climbed above the 1.4300 level to score a fresh 13-year high of 1.4314, exactly at the same level it peaked back in May 2003.

    The loonie came under renewed pressure during the American session, as the risk-on rally faltered and oil prices resumed the fall, with WTI sliding toward $30.00 a barrel after a short-lived bounce.

    USD/CAD reached a high of 1.4314, stalling at its May 2003 peak. At time of writing, the pair is trading at 1.4295, 0.57% above its opening price.

    USD/CAD technical levels

    On the upside, next resistances could be found at 1.4314 (monthly high May 2003), 1.4430 (Apr 30 high 2003) and not much, other than psychological hurdles, until 1.4624 (Apr 24 2003 high). On the flip side, supports are seen at 1.4175 (Jan 11 low), 1.4035 (10-day SMA) and 1.3972 (Jan 6 low).
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