USD/CAD turns negative around 1.3260

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 11, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The Canadian dollar has trimmed its earlier losses vs. its American neighbour on Wednesday, now taking USD/CAD to the 1.3260 region.

    USD/CAD directionless, eyes on crude, risk

    The pair is now alternating gains with losses after rebounding from overnight troughs in the 1.3240 region, keeping a narrow range amidst scarce volatility in response to the inactivity in the US and Canadian markets.

    The current sell-off in crude oil prices keep capping CAD gains, while the flat performance of the greenback has been limiting the occasional bullish attempts.

    USD/CAD levels to consider

    As of writing, the pair is retreating 0.03% at 1.3260 facing the next support at 1.3179 (55-day sma) followed by 1.3069 (61.8% Fibo of 1.3459-1.2827) and finally 1.2988 (5-month uptrend). On the other hand, a surpass of 1.3317 (high Nov.6) would open the door to 1.3355 (high Aug.25) and then 1.3458 (high Sep.29).
    For more information, read our latest forex news.

Share This Page

free forex signals