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USD/CAD holds above 1.33 as Oil turns negative

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 26, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The USD/CAD pair continues to recover ground in the European session, having met through renewed buying interest at 1.33 handle.

    USD/CAD supported at 1.3300

    Currently, the USD/CAD pair trades 0.18% higher at 1.3314, re-attempting hourly 200-DMA and beyond. The USD/CAD pair found good support at 1.3300 levels and attempts another run towards daily highs ahead of hourly 200-SMA at 1.3321, as the renewed weakness in oil prices negatively impacts the sentiment around the resource-linked loonie.

    Oil prices halted a 3-day rally and slipped back into the red on the back of persisting supply glut worries. The US oil, WTI, wiped out gains and trades -0.20% lower at $ 42.95 while its European counterpart, Brent drops -0.82% at $ 45.79.

    Moreover, the USD bulls appear to have woken up from their slumber and snatched back control, pushing US dollar higher towards multi-month highs across the board. The USD index rises 0.11% to 99.94, heading for a retest of 100.21 levels.

    USD/CAD Technical Levels

    To the upside, the next resistance is located at 1.3340 (Nov 25 High) and above which it could extend gains to 1.3378 (Nov 24 High). To the downside, immediate support might be located at 1.3276 (Nov 25 Low) levels and below that at 1.3241 (daily S2).
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