USD/CAD jumps to daily highs as oil falls on Iran comments

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 23, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    USD/CAD picked up pace and jumped to fresh daily highs at the beginning of the American session as loonie weakened in tandem with oil after Iran made it clear it will not freeze production.

    Iran oil minister Bijan Namdar Zanganeh said the proposal to freeze production puts "unrealistic demands" on Iran and called it ‘ridiculous.’

    USD/CAD spiked to a peak of 1.3787 as WTI futures turned down and erased intraday gains, sliding back below $33.00 a barrel. At time of writing, USD/CAD is trading at 1.3775, recording a 0.51% gain on the day.

    A negative opening in Wall Street also weighed on sentiment and added further pressure over commodity currencies.

    USD/CAD levels to watch

    In terms of technical levels, next resistances line up at 1.3797/1.3800 (200-hour SMA/psychological level), 1.3869 (20-day SMA) and 1.3910 (Feb 16 high). On the flip side, supports are seen at 1.3661 (Feb 22 low), 1.3638 (Feb 4 low) and 1.3612 (100-day SMA).
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