USD/CAD hits fresh 13-year highs, challenges 1.4200

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - USD/CAD resumed its advance and climbed to fresh 13-year highs during the New York session as oil prices fell to fresh multi-year lows.

    Both WTI and Brent dropped to fresh cycle lows, with the former falling below $32.00 a barrel in recent dealings. USD/CAD take a U-turn after hitting a daily low of 1.4065 and soared to its highest level since May 2003 at 1.4197. However, the pair stalled just ahead of the 1.4200 significant resistance level.

    USD/CAD levels to watch

    If USD/CAD breaks above 1.4200, next resistances could be found at 1.4315 (monthly high May 2003). On the flip side, supports are seen at 1.4050 (Jan 7 low), 1.3994 (10-day SMA) and 1.3972 (Jan 6 low).
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