USD/CAD reaches highest since 2004 as oil marks cycle lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 7, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - USD/CAD broke above the 1.3500 level and posted its highest level since June 2004 as the loonie has continued to weaken weighed by falling oil prices, as WTI hits its lowest price in 6 years below $38 a barrel.

    The Canadian dollar is among the worst performers in the FX market on Monday, along with other commodity currencies, amid falling energy prices. USD/CAD peaked at 1.3523 and it was last trading at 1.3520, where it records a 1.16 gain on the day.

    USD/CAD levels to watch

    As for technical levels, immediate resistances are seen at 1.3535 (Jun 28 2004 high) and not much until 1.3600/19 (psychological level/Jun 24 2004 high). On the flip side, supports could be faced 1.3363 (10-day SMA), 1.3292 (Dec 3 low) and 1.3275 (Nov 25 low).
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