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USD/CAD resumes the fall, at 2-week lows

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - USD/CAD resumed the fall and slid to fresh 2-week lows as the Canadian dollar continues to benefit from a strong comeback in oil prices while the greenback is facing broad selling interest during the American session.

    After spiking to a daily high of 1.3133 on the back of US and Canadian disappointing trade deficits, USD/CAD turned south and fell sharply, with the loonie shrugging off below expectations Ivey PMI figures.

    At time of writing, USD/CAD is trading at 1.3055, down 0.21% on Tuesday and headed for its fifth loss in a row, having scored a low at 1.3041.

    USD/CAD key levels

    A break below 1.3041 would pave the way to 1.3011 (Sep 18 low), 1.2951 (Aug 12 low) and 1.2860 (Jul 20 low). On the flip side, resistances line up at 1.3133 (Oct 6 high), 1.3174 (Oct 5 high) and 1.3189 (50-day SMA).
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