USD/CAD consolidates above 1.3300

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 18, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - USD/CAD is trading in a lower range on Tuesday as the loonie managed to cut some of its recent losses despite lower oil prices and a stronger greenback.

    USD/CAD backed away from a 7-week peak of 1.3370 scored yesterday, although with the downside being contained by the 1.3300 area, the pair was confined to a consolidation phase.

    At time of writing, USD/CAD is trading at the 1.3315 zone, down 0.10% on the day, as investors await API’s weekly report on crude oil stock which could trigger some volatility in oil prices and therefore the CAD.

    USD/CAD technical levels

    As for technical levels, immediate resistances are seen at 1.3370 (Nov 16 high), 1.3400 (psychological level) and 1.3415 (Sep 24 high). On the other hand, supports could be faced at 1.3289 (Nov 16 low), 1.3268/66 (10-day SMA/Nov 13 low) and 1.3224 (Nov 12 low).
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