USD/CAD sinks to lows near 1.3550

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The Canadian dollar has sharply reverted its initial negative tone, now sending USD/CAD to fresh daily lows in the mid-1.3500s.

    USD/CAD lower on oil recovery

    The Canadian dollar is now deriving further support from the recovery of crude oil prices, as both the West Texas Intermediate and the Brent are up more than 1% and leaving behind part of yesterday’s deep pullback.

    Crude oil prices remain the almost exclusive driver behind the pair as of late, with the EIA’s weekly report on crude oil inventories being the only release of note today in an otherwise uneventful docket.

    USD/CAD levels to consider

    As of writing, the pair is losing 0.16% at 1.3565 and a drop below 1.3221 (55-day sma) would expose 1.3195 (100-day sma) and then 1.3157 (7-month uptrend). On the flip side, the immediate hurdle aligns at 1.3621 (2015 high Dec.3) followed by 1.3700 (psychological level).
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