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USD/CAD clings to gains above 1.3700

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    USD/CAD edged higher during the American session and is trading near session highs on track to post a daily gain, as the CAD weakened in tandem with oil prices following the EIA report on US stockpiles.

    USD/CAD spiked to a daily high of 1.3748 after EIA reported an increase of 2.1 million barrels in US inventories last week. However, the pair found resistance and slid to the 1.3705 zone before resuming the rise. At time of writing, USD/CAD is trading at 1.3742, 0.52% above its opening price.

    From a wider view, USD/CAD is in a corrective phase after hitting 13-year highs at 1.4689 roughly a month ago, having completely retraced 2016 rally but the 1.3640/50 zone has proved to be a tough support.

    USD/CAD levels to watch

    As for technical levels, immediate resistances are seen at 1.3898 (Feb 17 high), 1.3910 (Feb 16 high), 1.3993 (50-day SMA) and 1.4015 (Feb 11 high). On the other hand, next supports could be found at 1.3652 (Feb 18 low), 1.3638 (Feb 4 low) and 1.3595 (100-day SMA) and 1.3531 (Dec 10 low).
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