USD/CAD drops despite falling crude oil prices and Canadian data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - USD/CAD is about to end the day modestly lower despite a decline in crude oil prices and a lower-than-expected reading on Canadian Housing starts.

    Correcting lower

    On Friday it reached at 1.3318 the highest level since September 30 boosted by the NFP report. But also on Friday, employment numbers from Canada were stronger than expected and is possible behind today’s performance of the loonie that is the best among commodity currencies.

    Crude oil is falling modestly, the barrel (WTI) trades below USD 44.00 while stocks in Wall Street are falling more than 1%. USD/CAD held in negative territory and below 1.3200, despite risk aversion and a decline in commodity prices.

    USD/CAD technical levels

    To the upside, resistance levels might lie at 1.3215/20 (last week highs), 1.3355 (August 25, 26 high) and 1.3400 (psychological level). On the opposite direction support might be seen at 1.3245 (daily low), 1.3190 (previous support) and 1.3155 (Nov 6 low).
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