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USD/CAD extends gains to fresh 7-week highs

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - USD/CAD climbed to fresh 7-week highs during the New York session as the loonie weakened in tandem with oil prices, and following disappointing manufacturing data from both countries.

    USD/CAD broke above the 1.3350 zone, which had capped the upside over the last sessions, and advanced to a peak of 1.3370, last seen Sept 30. At time of writing, the pair is trading at 1.3360, up 0.30% on the day.

    The greenback remains underpinned by expectations the Federal Reserve will raise rates in December, while soft oil prices keep the CAD under pressure.

    USD/CAD technical levels

    As for technical levels, immediate resistances are seen at 1.3370(Nov 16 high), 1.3400 (psychological level) and 1.3415 (Sep 24 high). On the other hand, supports could be faced at 1.3289 (Nov 16 low), 1.3266 (Nov 13 low) and 1.3243 (10-day SMA).
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