USD/CAD turns lower on oil’s rally

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 24, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - USD/CAD turned south and fell to fresh 4-day lows at the beginning of the New York session as oil prices got a boost, underpinning the loonie.

    USD/CAD is extending a corrective downward move after being rejected from 8-week highs above 1.3400 on Monday with the slide fueled by crude bounce. USD/CAD is currently trading at 1.3319, down 0.34% on the day, having struck a low of 1.3314 in recent dealings.

    Oil prices staged a steep rally
    on Tuesday, gaining more than 3%, amid heightened geopolitical fears after Turkey shot down a Russian jet near the Syrian border.

    USD/CAD levels to watch

    As for technical levels, immediate supports could be faced at 1.3313 (10-day SMA), 1.3245 (Nov 19 low/21-day SMA) and 1.3183 (50-day SMA). On the upside, next resistances are seen at 1.3376 (Nov 24 high), 1.3435 (Nov 23 high) and then 1.3456 (2015 high Sep 29).
    For more information, read our latest forex news.

Share This Page

free forex signals