USD/CAD losing altitude to 1.4120

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The Canadian dollar is picking up pace vs. its American counterpart on Monday, taking USD/CAD to test daily lows in the 1.4130 area so far.

    USD/CAD weaker despite, USD-strength and lower oil

    The pair is currently retreating for the first time after five consecutive advances, including fresh cycle highs in the boundaries of 1.4200 the figure, levels last seen over a decade ago.

    CAD is finding some bids in spite of another drop of crude oil prices – WTI is now down nearly 2% - and a renewed firmer tone around the US dollar, as markets continue to digest Friday’s solid Payrolls numbers in the US economy.

    USD/CAD significant levels

    At the moment the pair is down 0.19% at 1.4121 and a breach of 1.3793 (low Dec.24) would open the door to 1.3653 (3-month uptrend) and then 1.3565 (55-day sma). On the flip side, the next resistance aligns at 1.4190 (high Jan.11) ahead of 1.4196 (high Jul.23 2003) and then 1.4672 (high Apr.24 2003).
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