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USD/CAD confined to a range in quiet trade

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    USD/CAD is trading a tad lower on Monday, as the risk on sentiment and higher oil prices underpinned the loonie, although moves lacked follow-through amid thin liquidity due to the US Presidents’ Day.

    USD/CAD dipped briefly below the 1.38 mark and scored a 6-day low of 1.3797. However, the loonie lost momentum and USD/CAD settled in a limited range over the last hours, with the 1.3850 area capping the upside. At time of writing, the pair is trading at 1.3829, still 0.14% below its opening price.

    USD/CAD levels to watch

    In terms of technical levels, next supports are seen at 1.3785 (Feb 9 low) and 1.3709 (Feb 5 low) ahead of 1.3638 (Feb 4 low). On the other hand, resistances line up at 1.3963 (Feb 12 high), 1.3976 (50-day SMA), 1.4015 (Feb 11 high) and 1.4038 (20-day SMA).
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