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USD/CAD hits fresh 12-year highs above 1.40

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - A stronger US dollar across the board pushed USD/CAD to break above 1.4000. The pair peaked at 1.4019, hitting the strengths level since August 2003. Afterwards it pulled back and it was trading at 1.3986/90, up 0.37% for the day so far.

    The loonie is the best performer among commodity currencies but is not enough to offset the rally of the US dollar. Crude oil is falling with the WTI barrel down more than 1%; it trading around $36.20.

    USD/CAD still unconfirmed above 1.40

    The pair today made a run above 1.40 but still remains unable to consolidate on top. If it's able to do so, it could open the doors to more gains from a technical perspective.

    To the downside, a decline below 1.3800, where last week lows and the 20-day MA currently stand, could signal a bearish correction and weaken the short-term outlook for the US dollar.
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