1. Hello Guest Do you know binary.com offers exclusive $20 No Deposit Bonus for FX Binary Point visitors? Click here to sign up

USD/CAD breaks below 1.4100 as oil rallies

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 26, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Joined:
    Oct 7, 2015
    Messages:
    27,524
    Likes Received:
    0
    FXStreet (Córdoba) - The Canadian dollar is among the best performers in the FX space as the recovery in oil prices led to an impressive rebound of commodity-linked currencies.

    USD/CAD has lost more than 250 pips over the last hours, inversely with WTI futures, which gained over 3% to above $31.00 a barrel. USD/CAD fell below 1.4100 for first time in two weeks, and bottomed out at 1.4066 in recent dealings. At time of writing, the pair is trading at 1.4075, down 1.5% on the day.

    USD/CAD levels to watch


    As for technical levels, next supports are seen at 1.4049 (Jan 7 low), 1.4000 (psychological level) and 1.3972 (Jan 6 low). On the flip side, immediate resistances could be found at 1.4299/1.4300 (Jan 22 high/psychological level), 1.4325 (Jan 26 high), 1.4396 (Jan 14 high) and 1.4540 (Jan 21 high).
    For more information, read our latest forex news.
     

Share This Page