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USD/CAD eyes 1.40, consolidates gains

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 17, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - USD/CAD stabilized after a 180-pip rally and during the last hours it had been hovering around 1.3960, up 1.25% for the day.

    The pair was boosted by a stronger US dollar and a decline in crude oil prices. The WTI barrel is trading below $35.00, slightly above the lowest level in year, down 1.60% for the day.

    From the level it had a week ago, the pair is up 300 pips and since the beginning of December it climbed 630 pips or 4.65%.

    USD/CAD: Key levels

    The pair could correct lower, but as long as it remains above 1.3800, momentum will continue to favor the upside. Around 1.3800 a short-term uptrend line stands and if broken, the loonie could remove some bearish pressure.

    On a wider perspective, the dominant trend is cleary bullish with price accelerating during the last two weeks, after breaking the 1.3450 - 1.3500 resistance. The 1.40 area appears now to be the next key resistance area, that could limit the US dollar.
    For more information, read our latest forex news.
     

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