USD/CAD revisits daily lows as US crude inventories fall

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 10, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    USD/CAD pulled back from highs and fell back into negative ground for the day as the loonie strengthened in tandem with oil prices following an unexpected drop in US oil inventories.

    The US Department of Energy reported US crude oil inventories dropped by 754K barrels in the week ended Feb 5, against markets expectations of a 3.6 million build expected.

    USD/CAD pulled back from session highs and lost more than 120 pips over the last hours, stretching to the 1.3830 zone after the data. At time of writing, USD/CAD is trading at 1.3840, 0.17% below its opening price.

    USD/CAD levels to watch

    In terms of technical levels, next supports are seen at 1.3785 (Feb 9 low), 1.3709 (Feb 5 low) and 1.3638 (Feb 4 low). On the flip side, immediate resistances line up at 1.3944/53 (50-day SMA/Feb 10 high), 1.3977 (Feb 8 high) and 1.4000 (psychological level).
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