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USD/CAD briefly rises above 1.3900 as oil falls

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    USD/CAD continued to move higher and reached fresh 4-day highs during the New York session as the greenback strengthened broadly and the loonie fell in tandem with oil prices.

    USD/CAD turned higher after hitting a 12-day low of 1.3705, and reversed early losses. Having gained more than 200 pips over the last hours, USD/CAD peaked at 1.3910 before pulling back slightly. At time of writing, the pair is trading at 1.3864, still up % on the day.

    USD/CAD levels to watch

    On the upside, next resistances are seen at 1.3910 (Feb 16 high), 1.3987 (50-day SMA) and 1.4015 (Feb 11 high). On the downside, immediate supports could be found at 1.3705 (Feb 16 low), 1.3638 (Feb 4 low) and 1.3591 (100-day SMA).
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