USD/CAD hovers near 11-year highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 8, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - USD/CAD pulled back from fresh 11-year highs above 1.3600 as the loonie took back losses in tandem with oil prices, although the relief was short-lived.

    USD/CAD retreated from a peak of 1.3621 but the downside was contained by the 1.3550 region, confining the pair to a phase of consolidation during the American afternoon.

    BoC Governor Poloz said on Tuesday the BoC could adopt negative rates in the case of adverse shocks, but added such a move isn't now under consideration. Comments had virtually no effect on USD/CAD that continues to trade near decade highs. At time of writing, the pair was trading at 1.3585, still up 0.65% on the day.

    USD/CAD levels to watch

    As for technical levels, immediate resistances are seen at 1.3633 (Jun 23 2004 high) and 1.3672 (Jun 23 2004 high) ahead of 1.3700 (psychological level). On the flip side, supports could be faced 1.3495 (Dec 8 low), 1.3379 (10-day SMA) and 1.3316 (Dec 4 low).
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