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USD/CAD fails to sustain gains and settles in neutral territory

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 13, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - USD/CAD pulled back sharply from daily highs and slid below the 1.30 mark during the American session as the loonie benefitted by improvement in risk sentiment and a subsequent ol bounce.

    USD/CAD dropped more than 100 pips and bottomed out at 1.2955 in recent dealings. At time of writing, USD/CAD is hovering around 1.3000 effectively unchanged on the day.

    USD/CAD technical levels

    In terms of technical levels, USD/CAD could find next supports at 1.2900 (100-day SMA/psychological level/Oct 12 low), 1.2860 (Jul 29 low) and the 1.2804/00 area (Jul 14 high/psychological level). On the upside, short-term resistances line up at 1.3110 (38.2% Fibo of 1.3456-1.2900), 1.3182 (50-day SMA) and 1.3267 (Oct 2 high).
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