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USD/CAD loses momentum ahead of 1.4100

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - USD/CAD climbed back above 1.4000, stretching to fresh weekly highs during the American session as the loonie suffered on the back of lower oil prices and broader risk aversion.

    USD/CAD reversed the previous day fall and rose about 150 pips throughout the day to hit a peak of 1.4081 during the New York trade. However, the pair found resistance and pulled back slightly, but the downside was contained by the 1.4020 zone. USD/CAD was last trading at 1.4045, still up 0.69% on the day.

    USD/CAD is on track to post its first daily gain in six, as it was in a corrective phase from a 13-year high scored last month at 1.4689.

    USD/CAD levels to watch

    As for technical levels, next resistances could be found at 1.4081 (Feb 2 high), 1.4121 (Jan 28 high) and 1.4155 (Jan 27 high). On the flip side, immediate supports are seen at 1.3907 (Feb 1 low) and 1.3881 (50-day SMA).
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