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USD/CAD eases from highs but clings to daily gains

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 16, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - Moving in sync with oil prices, the loonie wavered between small losses and small gains versus its US counterpart, with USD/CAD having scored a fresh 7-week high before easing somewhat.

    Both the US and Canada reported disappointing figures from the manufacturing sector, with USD/CAD reacting positively and climbing to its highest level since Sep 30 at 1.3370. However, USD/CAD failed to consolidate above the 1.3350 area and pulled back to currently trade around 1.3330, still up 0.09% on the day.

    Data-wise, the US will issue inflation figures tomorrow, but the main event of the week will be the release of FOMC minutes, where investors will be looking for clear signs of a December lift-off.

    USD/CAD levels to consider


    In terms of technical levels, immediate resistances are seen at 1.3370 (Nov 16 high), 1.3400 (psychological level) and 1.3415 (Sep 24 high), while short-term supports could be found at 1.3289 (Nov 16 low), 1.3266 (Nov 13 low) and 1.3243 (10-day SMA).
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