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USD/CAD inches lower as oil recovers ground

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 10, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - USD/CAD inched slightly lower on Tuesday, retreating from post-nonfarm payrolls highs as a rise in oil prices translated into CAD strength during the New York session.

    USD/CAD made another failed attempt to break and consolidate above the 1.33 mark and pulled back to retest lows at the 1.3250 zone. However, the downside was contained, confining the pair to a slim range over the last hours. At time of writing, USD/CAD is trading at 1.3263, still 0.17% below its opening price.

    USD/CAD levels to watch

    In terms of technical levels, next supports are seen at 1.3245 (Nov 9 low), 1.3170 (50-day SMA) and 1.3140 (Nov 5 low). On the flip side, resistances line up at 1.3296/1.3300 (Nov 10 high/psychological level), 1.3317 (Nov 6 high) and 1.3330 (Oct 1 high).
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