3 Aug 2015
USD/CAD revisits highs as oil slumps
FXStreet (Córdoba) - USD/CAD rose to fresh 10-year highs on Monday as the loonie weakened in tandem with oil, which dropped more than 3.0% to near $45.00 a barrel.
USD/CAD peaked at 1.3175 but pulled back amid profit taking and a softer greenback on the back of disappointing macroeconomic data. However, following a short-lived setback, USD/CAD resumed the rise and it is currently trading at the 1.3160 zone, recording a 0.54% gain on the day.
USD/CAD technical levels
In terms of technical levels, immediate resistances are seen at 1.3175 (Aug 3 high), 1.3200 (psychological level) and 1.3150 (Aug 31 2004 high). On the downside, supports could be found at 1.3100 (psychological level), 1.3078 (Aug 3 low) and 1.3018 (10-day SMA).
USD/CAD peaked at 1.3175 but pulled back amid profit taking and a softer greenback on the back of disappointing macroeconomic data. However, following a short-lived setback, USD/CAD resumed the rise and it is currently trading at the 1.3160 zone, recording a 0.54% gain on the day.
USD/CAD technical levels
In terms of technical levels, immediate resistances are seen at 1.3175 (Aug 3 high), 1.3200 (psychological level) and 1.3150 (Aug 31 2004 high). On the downside, supports could be found at 1.3100 (psychological level), 1.3078 (Aug 3 low) and 1.3018 (10-day SMA).