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USD/CAD reverses and drops to fresh 3-month lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 15, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - The Canadian dollar is among the top performers on Thursday and against the US dollar recently reached the strongest level since July.

    USD/CAD rose from 1.2865 after the release of US inflation data and hit 1.2948 but the recovery was short-lived and resumed the decline. It broke below previous lows and bottomed at 1.2844, the lowest in three months.

    Currently it trades at 1.2855/60, down 0.60% for the day. The loonie is up despite the decline in crude oil prices. Currently the WTI barrel trades at $45.90 after rebounding from $45.20, the lowest in two weeks.

    USD/CAD technical levels

    The pair is consolidating below the 1.2900 handle that during the last three months was an important area. The next relevant support might lie at 1.2820 followed by 1.2770. On the opposite direction, it the US dollar manages to recover above 1.2900 it could remove some bearish pressure; above resistance levels might be seen at 1.2950 and 1.3060.
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