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USD/CAD hits daily highs but lacks follow-through

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 21, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - USD/CAD picked up pace and climbed to fresh daily highs at the beginning of the New York session as oil extended losses to fresh cycle lows in quiet trading.

    USD/CAD rose more than half a cent from daily lows and reached a peak of 1.3969 but lacked follow-through and pulled back. At time of writing, the pair is trading at 1.3940, virtually unchanged on the day.

    With no first-tier data or speakers scheduled for the American session, trading is expected to remain subdued, with currencies taking cues from market sentiment.

    USD/CAD levels to watch

    In terms of technical levels, on the upside, next resistances could be faced at 1.4003 (May 18 2004 high), 1.4086 (Aug 28 2003 high) and then 1.4100 (psychological level). On the downside, short-term supports are seen at 1.3853 (Dec 18 low), 1.3777 (Dec 17 low) and 1.3758 (10-day SMA).
    For more information, read our latest forex news.

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