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USD/CAD regains 1.3900, nears 11-year high

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 29, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - The greenback extended gains versus the loonie on Tuesday as the stabilization of oil prices has failed to underpin the Canadian currency.

    USD/CAD
    reversed early weakness and regained the 1.39 mark, climbing to a fresh 1-week high of 1.3939 before losing momentum. Having pulled back slightly from highs, the pair is currently trading at the 1.3915 zone, recording a 0.1% gain on the day.

    USD/CAD remains near an 11-year high of 1.4000 scored earlier this month as the tailspin in oil prices have weighed heavily on the Canadian dollar.

    USD/CAD levels to watch

    On the upside, next resistances are seen at 1.3939 (Dec 29 high) and 1.3993/1.4000 (Dec 22 & 18 highs/psychological level). On the downside, supports could be found at 1.3811 (Dec 28 low), 1.3777 (Dec 17 low) and 1.3727 (Dec 16 low).
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