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USD/CAD moves back toward 1.3300 and trims daily losses

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - USD/CAD bounced off lows and trimmed daily losses at the beginning of the American session as the loonie was dragged by a sudden drop in oil prices and a lower than expected reading on Canadian housing.

    USD/CAD had been retreating from Friday’s post-NFP high of 1.3317 amid profit taking, but the pullback was interrupted by a quick, marked fall in oil prices which sent the pair back to near 1.3300. At time of writing, the pair is trading at 1.3283, still down 0.13% on the day.

    USD/CAD technical levels

    In terms of technical levels, on the upside next resistances line up at 1.3317 (Nov 6 high), 1.3330 (Oct 1 high) and then 1.3400 (psychological level). On the other hand, supports are seen at 1.3245 (Nov 9 low), 1.3175 (50-day SMA) and 1.3140 (Nov 5 low).
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