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USD/CAD flirting with highs near 1.3350

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 27, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The greenback keeps appreciating vs. its American neighbour on Friday, taking USD/CAD to the upper bound of the range near 1.3350.

    USD/CAD firmer on stronger USD

    The pair is advancing for the second consecutive session so far, extending the rebound from the recent drop to the 1.3270 area backed by a solid bid tone around the greenback despite the reduced activity in the US markets, the scarce volatility and empty docket.

    Collaborating with today’s CAD weakness, the barrel of West Texas Intermediate is down nearly 3%, trading just above the $42.00 mark.

    USD/CAD levels to consider

    As of writing, the pair is up 0.41% at 1.3345 facing the next resistance at 1.3437 (high Nov.23) ahead of 1.3458 (2015 high Sep.29) and then 1.3500 (psychological level). On the slip side, a break below 1.3217 (38.2% Fibo of 1.3459-1.2827) would aim for 1.3194 (55-day sma) and then 1.3153 (100-day sma).
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