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USD/CAD breaks below 1.3600, ignores lower oil prices

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The Canadian dollar is among the best performers on Thursday, trading at 2-month highs versus its US counterpart, ignoring falling in oil prices.

    USD/CAD
    broke below the 100-day SMA around 1.3620 and dipped below 1.3600 toward its lowest level since early December at 1.3569 shrugging off upbeat US data and lower crude prices. At time of writing, USD/CAD is trading at 1.3580, recording a 0.88% loss on the day.

    USD/CAD levels to watch

    In terms of technical levels, supports are seen at 1.3569 (Feb 25 low), 1.3515 (Dec 9 low) and 1.3495 (Dec 8 low). On the other hand, next resistances line up at 1.3749 (10-day SMA), 1.3850/58 (20-day SMA/Feb 24 high) and 1.3910 (Feb 16 high).
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