USD/CAD holds near 1.3400, 11-year highs in sight

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 23, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - USD/CAD has eased from daily highs and steadied a few pips above its daily opening as oil prices recovery helped the CAD to trim losses.

    USD/CAD had reached its highest level in nearly two months at 1.3435 as the greenback strengthened broadly at the weekly opening, but stalled ahead of its 11-year peak scored at 1.3456 in September. Following a limited correction, the pair settled in a 30-pip range, holding onto a slight gain. At time of writing, USD/CAD is trading at 1.3370, up 0.15% on the day.

    USD/CAD levels to watch

    As for technical levels, next resistance could be found at 1.3456 (2015 high Sep 29), 1.3500 (psychological level) and 1.3535 (Jun 28 2004). On the flip side, supports are seen at 1.3309 (10-day SMA),1.3246/42 (Nov 19 low/21-day SMA) and 1.3182 (50-day SMA).
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