USD/CAD hovers near 11-year high

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 14, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - The loonie failed to benefit from a decent comeback seen in oil prices, and ends a volatile session little changed against the US dollar.

    USD/CAD climbed to a fresh 11-year high of 1.3780 as oil fell to fresh cycle lows during the European session, but reversed course afterwards, although the setback was contained by the 1.3675 zone, leaving USD/CAD in consolidation mode around the flat line. At time of writing, USD/CAD was trading at 1.3740, roughly at the same level it closed Friday.

    USD/CAD levels to watch

    In terms of technical levels, next resistances are seen at 1.3780 (decade high, Dec 14), 1.3800 (psychological level) and 1.3824 (monthly high June 2004). On the other hand, supports could be found at 1.3675 (Dec 14 low), 1.3621 (Dec 11 low) and the 1.3530/15 zone (Dec 8-10 lows/10-day SMA).

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