USD/CAD hovers at 11-year highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 17, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - The US dollar edged higher versus its Canadian counterpart and trades just a few pips below its 11-year peak scored on Wednesday.

    USD/CAD staged a mild pullback as the knee-jerk reaction to the Federal Reserve decision to raise rates, but found support at the 1.3740 zone and it has been slowly edging higher over the last sessions. Having reached an intraday peak of 1.3840, the pair is currently trading at 1.3830, up 0.38% on the day.

    Next on tap, US data includes weekly jobless claims, Q3 current account numbers and December Philly Fed manufacturing index.

    USD/CAD levels to watch

    As for technical levels, USD/CAD could find next resistances at 1.3847 (11-year high, Dec 16), 1.3900 (psychological level) and 1.3921 (May 19 high). On the flip side, immediate supports could be faced at 1.3777 (Dec 17 low), 1.3727 (Dec 16 low) and 1.3672 (Dec 15 low).
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