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USD/CAD consolidates daily gains

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    USD/CAD consolidates near daily highs after rising more than 150 pips throughout the day as renewed weakness in oil prices weighed down the loonie.

    USD/CAD reached a peak of 1.3180 during the American session as WTI futures struck a low of $36.70 a barrel. USD/CAD has spent the last hours in quiet consolidation near highs and it was last at 1.3160, recording a 0.54% daily gain.

    USD/CAD levels to consider

    As for technical levels, next resistances line up at 1.3200 (psychological level), 1.3215/18 (Mar 29 & Apr 5 highs) and 1.3295 (Mar 24 high). On the other hand, supports are seen at 1.3067 (Apr 5 low), 1.3002/00 (Apr 4 low/psychological level). 1.2967 (Apr 1 low) and 1.2856 (Mar 31 low).
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