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USD/CAD pushes higher, oil plummets

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - Another collapse of crude oil prices is weighing on the Canadian dollar and sending USD/CAD to daily highs near 1.4140.

    USD/CAD higher on CAD-selling

    The barrel of WTI has once again breached the $33.00 mark after climbing as high as the low-$34.00s earlier in the session, removing an important driver behind CAD strength.

    The Canadian dollar has given away initial gains after auspicious results from the domestic labour market in December, where the Net Change in Employment have increased more than estimated by nearly 23K vs. 10K forecasted and the jobless rate remained unchanged at 7.1%.

    USD/CAD key levels

    At the moment the pair is up 0.20% at 1.4125 facing the next resistance at 1.4166 (high Aug.22 2003) ahead of 1.4196 (high Jul.23 2003) and then 1.4672 (high Apr.24 2003). On the downside, a breach of 1.3628 (3-month uptrend) would target 1.3530 (55-day sma) and then 1.3373 (100-day sma).
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