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USD/CAD turns higher, approaches 1.3900

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 28, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - USD/CAD edged higher on Monday as the loonie came under renewed pressure in sync with oil prices, after staging an impressive recovery last week.

    USD/CAD moved lower at the weekly opening and bottomed out at 1.3811, its lowest level since Dec 17, but bounced and it has climbed more than 80 pips over the last sessions. Having peaked at 1.3895, USD/CAD is currently trading at 1.3885, up 0.42% on the day.

    USD/CAD technical levels

    As for technical levels, immediate resistances are seen at 1.3900 (psychological level/100-day SMA), 1.3935 (Dec 23 high) and 1.3993/1.4000 (Dec 22 high/psychological level). On the flip side, supports could be faced at 1.3811 (Dec 28 low), 1.3777 (Dec 17 low) and 1.3727 (Dec 16 low).
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