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USD/CAD contained by 1.3915, trims daily losses

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 22, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - The loonie has given up most of intraday gains versus the greenback as it started to move lower during the American session, in tandem with oil prices.

    USD/CAD bottomed out at 1.3915, roughly at the same level it did yesterday, but found support and bounced with the CAD undermined by lower oil prices and the USD shrugging off a downward GDP revision. Having climbed to a session high of 1.3947, USD/CAD is currently trading at 1.3940, 0.12% below its opening price.

    Still, USD/CAD remains near 11-year highs scored last week at the 1.4000 area as the greenback remains underpinned by the Fed lift-off, while the Canadian dollar continues to suffer on the back of lower commodity prices.

    USD/CAD technical levels

    As for technical levels, next resistances could be faced at 1.4003 (May 18 2004 high), 1.4086 (Aug 28 2003 high) and then 1.4100 (psychological level). On the flip side, short-term supports are seen at 1.3912 (Dec 21 low), 1.3853 (Dec 18 low) and 1.3795 (10-day SMA).
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