USD/CAD turns negative for the day

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 29, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - USD/CAD fell to fresh daily lows and approached the bottom of its recent range, as the Canadian dollar strengthened in sync with oil prices.

    USD/CAD was rejected by the 1.3940 zone and turned negative for the day, posting a low of 1.3825 in recent dealings as both benchmarks, WTI and Brent traded up by more than 2% on the day after yesterday’s selloff.

    However, USD/CAD remains within familiar ranges in consolidation mode after peaking at 1.4000 on Dec 18, posting its highest level since 2004.

    USD/CAD technical levels

    At time of writing, USD/CAD was trading at 1.3855, down 0.34% on the day, with immediate supports seen at 1.3811 (Dec 28 low), 1.3777 (Dec 17 low) and 1.3727 (Dec 16 low). On the flip side, resistances line up at 1.3939 (Dec 29 high) and 1.3993/1.4000 (Dec 22 & 18 highs/psychological level).
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