USD/CAD: bears take control to test trend support as oil rallies

Currently, USD/CAD is trading at 1.3438, down -0.54% on the day, having posted a daily high at 1.3516 and low at 1.3387.

Dollar index drops back from highest level since April 2003 - UOB

USD/CAD has dropped in broad dollar weakness and while the oil price has rallied up towards the 200 sma on the 4hr sticks with a fresh high in WTI of $47.92. The recent highs of 1.3587 and 1.3563 earlier in the month have been let for dust and the move has threatened the supporting uptrend from 1.3000 and on the approach to the 200 sma on the 4hr sticks at 1.3345. Meanwhile, there are concerns fueling weakness in the dollar in respect to the uncertainties around a Trump presidency and in the same respect, there are also concerns around whether OPEC can make an accord at the Nov 30th meeting which could limit the upside in the price of oil and subsequently leave USD/CAD vulnerable to renewed dollar strength should the Fed hike and markets do not sell the fact. Oil intermarket: DXY softening and oil gets a break towards 200 4hr sticks

USD/CAD levels

Spot is presently trading at 1.3439, and next resistance can be seen at 1.3441 (Weekly Low), 1.3451 (Daily Classic S2), 1.3454 (Hourly 20 EMA), 1.3468 (Hourly 100 SMA) and 1.3480 (Hourly 200 SMA). Support below can be found at 1.3411 (Weekly Classic S1), 1.3410 (Daily 20 SMA), 1.3408 (Daily Classic S3), 1.3387 (Daily Low) and 1.3311 (Weekly Classic S2) 1.3387.