USD/CAD fails to regain 1.3400

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 1, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - With oil prices consolidating within recent ranges, USD/CAD moved in tandem with economic data on Tuesday, turning the CAD into one of the worst performers in the FX space.

    USD/CAD rallied sharply from lows and reversed intraday losses at the beginning of the American trade, as the loonie weakened following disappointing readings for Canadian GDP. However, USD/CAD stalled ahead of the 1.34 mark as weaker-than-expected November ISM mfg index paused the greenback’s advance later on the session, confining the pair to a phase of consolidation.

    USD/CAD levels to watch

    At time of writing, the pair is trading at 1.3375, up 0.11% on the day. On the upside, immediate resistances line up at 1.3392/955 (Nov 30, Dec 1 highs), 1.3435 (Nov 23 high) and then 1.3456 (2015 high Sep 28). On the flip side, next supports are seen at the 1.3275/79 zone (Nov 24-27 lows), 1.3246 (Nov 19 low) and 1.3224 (Nov 12 low).
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