USD/CAD wavers near 6-week highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 12, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - USD/CAD pulled back from a fresh 6-week highs and moved erratically in a range near highs as the loonie continues to move in tandem with oil prices.

    USD/CAD stretched toward its highest level since Sep 30 at 1.3340, as oil posted fresh lows sub $42.00 a barrel, but was rejected. However, with USD/CAD downside contained by the 1.3275 area, the pair entered a sideways phase.

    At time of writing, the pair is trading at 1.3315, recording a 0.44% gain on Thursday. Next trigger for oil and therefor for CAD might come from EIA report on crude inventories.

    USD/CAD levels to watch

    As for technical levels, next resistances are seen at 1.3400 (psychological level), 1.3415 (Sep 24 high) and then 1.3456 (Sep 29 high). On the other hand, supports could be faced at 1.3224 (Nov 12 low), 1.3200 (psychological level) and 1.3173 (50-day SMA).
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