15 Mar 2016
USD/CAD clocks 4-day high as oil slides
The USD/CAD pair rose to a four-day high of 1.34 as the offered tone around Canadian dollar gathered traction amid falling oil prices.
Tracks oil ahead of US data
The exchange rate stands exposed to oil price movements ahead of the data released in the US, which could show retail sales dropped in February. Canadian dollar was on a winning streak after oil turned higher from the multi-year low set in January.
However, bearish OPEC report and Iran’s refusal to commit to production freeze pushed oil lower, thereby sending USD/CAD to a 4-day high.
USD/CAD Technical Levels
The spot currently trades around 1.3390 with immediate hurdle at 1.34, which if violated would open doors for a rally to resistance at 1.3446 (Mar 9 high) and 1.3542 (61.8% of 1.2832-1.4690). On the other hand, a breakdown of immediate support at 1.3327 (10-DMA) could see the pair test support at 1.3308 (200-DMA) and 1.3167 (Mar 11 low).
Tracks oil ahead of US data
The exchange rate stands exposed to oil price movements ahead of the data released in the US, which could show retail sales dropped in February. Canadian dollar was on a winning streak after oil turned higher from the multi-year low set in January.
However, bearish OPEC report and Iran’s refusal to commit to production freeze pushed oil lower, thereby sending USD/CAD to a 4-day high.
USD/CAD Technical Levels
The spot currently trades around 1.3390 with immediate hurdle at 1.34, which if violated would open doors for a rally to resistance at 1.3446 (Mar 9 high) and 1.3542 (61.8% of 1.2832-1.4690). On the other hand, a breakdown of immediate support at 1.3327 (10-DMA) could see the pair test support at 1.3308 (200-DMA) and 1.3167 (Mar 11 low).