USD/CAD hits fresh 11-year highs and counting

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 7, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - USD/CAD has broken to the upside and reached its highest level in over a decade as the loonie continues to feel the pressure of lower oil prices, as WTI hits fresh lows sub-$39.00 a barrel.

    The Canadian dollar is among the worst performers on Monday, along with other commodity currencies, with losses deepening at the beginning of the American session. USD/CAD has climbed to a high of 1.3486 so far, and keeps the 1.35 mark in sight.

    USD/CAD key levels

    At time of writing, USD/CAD is trading at 1.3478, recording a 0.86% gain on the day, with immediate resistances lining up at 1.3500 (psychological level), 1.3535 (Jun 28 2004 high) and not much until 1.3600/19 (psychological level/Jun 24 2004 high). On the flip side, supports could be faced 1.3363 (10-day SMA), 1.3292 (Dec 3 low) and 1.3275 (Nov 25 low).
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