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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
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    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).
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