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USD/CAD: Friday’s bounce leads to weekly gains

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - USD/CAD broke above 1.3350 and climbed to fresh highs during the New York session as the loonie weakened in the wake of lower oil prices, with the barrel of WTI down more than 2.0% on the day.

    USD/CAD picked up pace despite the reduced activity in the US markets and managed to reverse early weekly losses. The pair reached a peak of 1.3370, although it stalled a few pips shy of its Tuesday peak of 1.3376. Having entered a consolidation phase on the upper side of its range, USD/CAD is currently trading at 1.3366, recording a 0.59% daily increase and up 0.25% over the week.

    USD/CAD levels to watch

    In terms of technical levels, a break above the 1.3370/76 area (Nov 26 & 24 highs) would páve the way toward 1.3400 (psychological level) and 1.3435 (Nov 24 high). On the other hand, supports could be faced at 1.3279 (Nov 25 low), 1.3259 (21-day SMA) and 1.3245 (Nov 19 low).
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