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USD/CAD extends gains and rises to test 1.30

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 12, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - USD/CAD erased losses during the European session and gained further momentum on US hours. The pair broke above 1.2975 and rose to 1.2995 hitting a fresh daily high. It extended gains after being able to hold above 1.2900.

    Currently it trades at 1.2985/90, up 0.35% for the day. The decline in crude oil prices boosted the pair. The barrel is losing 4.40%. The loonie is on Monday the worst performer among commodity currencies and is part of the few to lose ground against the US dollar.

    USD/CAD technical levels

    Resistance levels might be seen at 1.3000, 1.3025 (Oct 9 high), 1.3050 and 1.3075 (Oct 8 high). On the opposite direction, support levels before the key 1.2900 zone, could be seen at 1.2975 and 1.2940 (20 hour MA).
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