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USD/CAD rally falters at 1.3400

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 3, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - Following a phase of consolidation near 1.3300, USD/CAD picked up pace and rallied toward the 1.3400 area as the US dollar outperformed currencies linked to commodities.

    USD/CAD rose nearly 100 pips since the beginning of the New York session and reached a daily peak of 1.3399, stalling a few pips shy of yesterday’s high struck at 1.3407. However, the pair have pulled back slightly from highs, with crude prices helping the loonie. At time of writing, USD/CAD is trading at 1.3375, up 0.25% on the day.

    USD/CAD levels to watch

    On the upside, immediate resistances line up at 1.3407 (Dec 2 high), 1.3435 (Nov 23 high) and then 1.3456 (2015 high Sep 28). On the flip side, next supports are seen 1.3305 (21-day SMA), at the 1.3275/79 zone (Nov 24-27 lows), 1.3246 (Nov 19 low) and then 1.3224 (Nov 12 low).
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