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30 Nov 2015
USD/CAD finds support ahead of 1.3300
FXStreet (Córdoba) - USD/CAD fell sharply over the last hours and retraced a good part of its Fridays gains as the loonie got support from higher oil prices.
USD/CAD turned lower after being rejected from a daily high of 1.3392 and fell all the way back to the 1.3310 area before finding support. The pair has bounced slightly to currently trade around 1.3330, where it posts a 0.20% loss on the day.
Still, USD/CAD remains near the top of its yearly range as expectations of a rate hike by the Fed continue to favor the USD, while weakness in oil prices weigh on the CAD.
USD/CAD supports and resistances
On the downside, next support levels are seen at the 1.3275/79 zone (Nov 24-27 lows), 1.3246 (Nov 19 low) and 1.3224 (Nov12 low). On the upside, immediate resistances line up at 1.3392 (Nov 30 high), 1.3435 (Nov 23 high) and then 2015 high Sep 28).
USD/CAD turned lower after being rejected from a daily high of 1.3392 and fell all the way back to the 1.3310 area before finding support. The pair has bounced slightly to currently trade around 1.3330, where it posts a 0.20% loss on the day.
Still, USD/CAD remains near the top of its yearly range as expectations of a rate hike by the Fed continue to favor the USD, while weakness in oil prices weigh on the CAD.
USD/CAD supports and resistances
On the downside, next support levels are seen at the 1.3275/79 zone (Nov 24-27 lows), 1.3246 (Nov 19 low) and 1.3224 (Nov12 low). On the upside, immediate resistances line up at 1.3392 (Nov 30 high), 1.3435 (Nov 23 high) and then 2015 high Sep 28).