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USD/CAD rises beyond 1.3250 as oil extends decline

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 27, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - USD/CAD continued to advance beyond the 1.3250 level and printed fresh 3-week highs during the American session as the loonie continues to weaken in tandem with oil prices.

    Despite disappointing US economic data, USD/CAD pushed to its highest level since early October at 1.3258 before taking a pause. The Canadian dollar is under broad pressure as crude oil fell more than 2% to $43.00 a barrel.

    In recent comments, BoC Deputy Governor Lane said that a weak CAD is boosting export competitiveness.

    USD/CAD supports & resistances

    At time of writing, the pair is trading at 1.3252, recording a 0.78% gain on the day. In terms of technical levels, a break above 1.3258 (Oct 27 high) would pave the way to 1.3330 (Oct 1 high) and 1.3400 (psychological level). On the other hand, immediate supports could be found at 1.3177 (50-day SMA), 1.3150 (Oct 27 low) and 1.3070 (20-day SMA).
    For more information, read our latest forex news.
     

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