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USD/CAD hits fresh 1-month lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - USD/CAD turned lower and fell back below the 1.4000 level to hit its lowest level in a month as commodity currencies extend gains versus the greenback.

    Despite the pullback seen in oil prices on Monday, the Canadian dollar managed to advance, putting USD/CAD on track for a fifth consecutive day of losses. USD/CAD hit a low of 1.3943, and it was last trading around 1.3950, 0.19% lower on the day.

    From a wider view, USD/CAD has been trending lower over the last days after hitting a 13-year peak of 1.4689 on Jan 20, amid recoveries in oil prices.

    USD/CAD technical levels

    As for technical levels, next supports are seen at 1.3946 (Jan 28 low), 1.3900 (psychological level) and 1.3869 (50-day SMA). On the flip side, immediate resistances could be found at 1.4061 (Feb 1 high), 1.4121 (Jan 28 high) and 1.4155 (Jan 27 high).
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