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USD/CAD clocks 4-day high as oil slides

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The USD/CAD pair rose to a four-day high of 1.34 as the offered tone around Canadian dollar gathered traction amid falling oil prices.

    Tracks oil ahead of US data

    The exchange rate stands exposed to oil price movements ahead of the data released in the US, which could show retail sales dropped in February. Canadian dollar was on a winning streak after oil turned higher from the multi-year low set in January.

    However, bearish OPEC report and Iran’s refusal to commit to production freeze pushed oil lower, thereby sending USD/CAD to a 4-day high.

    USD/CAD Technical Levels

    The spot currently trades around 1.3390 with immediate hurdle at 1.34, which if violated would open doors for a rally to resistance at 1.3446 (Mar 9 high) and 1.3542 (61.8% of 1.2832-1.4690). On the other hand, a breakdown of immediate support at 1.3327 (10-DMA) could see the pair test support at 1.3308 (200-DMA) and 1.3167 (Mar 11 low).
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