USD/CAD holds onto port-election  gains

USD/CAD briefly rose to the 1.3525 area in a bout of risk aversion during the first hours of Trump being elected the 45th US president. However, as with most crosses, USD/CAD retraced its path afterward as markets digest the news.

USD/CAD retreated from a peak of 1.3525 to the 1.3340 zone but then reversed. The pair was last trading around 1.3450, still up 1.22% on the day.

Oil prices recovered early losses, and WTI managed to regain the $45/bbl mark over the last hours to trade little changed on the day.

USD/CAD technical levels

In terms of technical levels, next supports could now be faced at 1.3285 (Nov 8 low), 1.3263 (Nov 9 low) and 1.3200/1.3194 (psychological level/50-day SMA). On the flip side, resistances line up at 1.3465 (Nov 4 high), 1.3525 (post-election high) and 1.3596 (Feb 29 high).

To learn more about this topic, check our video analysis:

USDCAD from Tip TV Productions on Vimeo.