7 Dec 2015
USD/CAD hits fresh 11-year highs and counting
FXStreet (Córdoba) - USD/CAD has broken to the upside and reached its highest level in over a decade as the loonie continues to feel the pressure of lower oil prices, as WTI hits fresh cycle lows sub-$39.00 a barrel.
The Canadian dollar is among the worst performers on Monday, along with other commodity currencies, with losses deepening at the beginning of the American session. USD/CAD has climbed to a high of 1.3486 so far, and keeps the 1.35 mark in sight.
USD/CAD key levels
At time of writing, USD/CAD is trading at 1.3478, recording a 0.86% gain on the day, with immediate resistances lining up at 1.3500 (psychological level), 1.3535 (Jun 28 2004 high) and not much until 1.3600/19 (psychological level/Jun 24 2004 high). On the flip side, supports could be faced 1.3363 (10-day SMA), 1.3292 (Dec 3 low) and 1.3275 (Nov 25 low).
The Canadian dollar is among the worst performers on Monday, along with other commodity currencies, with losses deepening at the beginning of the American session. USD/CAD has climbed to a high of 1.3486 so far, and keeps the 1.35 mark in sight.
USD/CAD key levels
At time of writing, USD/CAD is trading at 1.3478, recording a 0.86% gain on the day, with immediate resistances lining up at 1.3500 (psychological level), 1.3535 (Jun 28 2004 high) and not much until 1.3600/19 (psychological level/Jun 24 2004 high). On the flip side, supports could be faced 1.3363 (10-day SMA), 1.3292 (Dec 3 low) and 1.3275 (Nov 25 low).