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USD/CAD unable to set direction

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 26, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - USD/CAD continues to trade within a tight range near Friday’s highs as oil prices continued to slide, with WTI back below $45.00 a barrel, preventing the loonie to recover against a weaker greenback.

    Despite the US dollar weakened following soft US housing data, USD/CAD failed to break below the 1.3130 and settled just above over the last hours. At time of writing, the pair is trading at 1.3140, still 0.27% below its last close. USD/CAD had reached a 3-week peak of 1.3197 last Friday.

    USD/CAD supports and resistances

    In terms of technical levels, next supports are seen at 1.3127/29 (Oct 26 low/50-hour SMA), 1.3039(Oct 23 low) and then 1.3000 (psychological level). On the upside, a break above 1.3197 (Oct 23 high) would pave the way towards 1.3217 (38.2% Fibo of 1.3459-1.2827) and 1.3310 (23.6% Fibo of 1.3459-1.2827).
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