USD/CAD shoots to highs near 1.4220

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The Canadian dollar is now intensifying its decline vs. its neighbour, lifting USD/CAD back above the 1.4200 barrier.

    USD/CAD attention to oil

    The pair remains in the positive territory propped up by lower crude oil prices, with the barrel of West Texas Intermediate now shedding more than 3% and trading just above the $31.00 mark.

    Spot is thus snapping a 3-session negative streak, coming down to test the area of 1.4100 the figure on Friday after recording 13-year highs in the area of 1.4700 at the beginning of last week.

    USD/CAD significant levels

    As of writing the pair is up 0.37% at 1.4204 with the next resistance at 1.4692 (high Jan.20) followed by 1.4946 (high Apr.7 2003) and then 1.5000 (psychological handle). On the other hand, a break below 1.4111 (low Jan.22) would aim for 1.3812 (3-month uptrend) and finally 1.3784 (55-day sma).
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