USD/CAD struggles to hold above 1.3900

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 30, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - USD/CAD pushed to fresh daily highs as the Canadian dollar weakened further in sync with oil prices following US crude inventories data, although the pair failed to hold at highs and pulled back afterwards.

    USD/CAD made another upside attempt but failed to hold above the 1.3900 level for long and turned lower after peaking at 1.3926. At time of writing, the pair is trading at 1.3887, still up 0.32% on the day.

    USD/CAD technical levels

    In terms of technical levels, immediate resistances line up at 1.3939 (Dec 29 high) and 1.3993/1.4000 (Dec 22 & 18 highs/psychological level). On the flip side, supports are seen at 1.3811 (Dec 28 low), 1.3777 (Dec 17 low) and 1.3720 (20-day SMA).
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