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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

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    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).
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