USD/CAD finds support ahead of 1.3300

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 30, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - USD/CAD fell sharply over the last hours and retraced a good part of its Fridays gains as the loonie got support from higher oil prices.

    USD/CAD turned lower after being rejected from a daily high of 1.3392 and fell all the way back to the 1.3310 area before finding support. The pair has bounced slightly to currently trade around 1.3330, where it posts a 0.20% loss on the day.

    Still, USD/CAD remains near the top of its yearly range as expectations of a rate hike by the Fed continue to favor the USD, while weakness in oil prices weigh on the CAD.

    USD/CAD supports and resistances

    On the downside, next support levels are seen at the 1.3275/79 zone (Nov 24-27 lows), 1.3246 (Nov 19 low) and 1.3224 (Nov12 low). On the upside, immediate resistances line up at 1.3392 (Nov 30 high), 1.3435 (Nov 23 high) and then 2015 high Sep 28).
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