18 Dec 2014
USD/CAD climbs back above 1.1600
FXStreet (Córdoba) - USD/CAD cut intraday losses and climbed back to the flat line during the American session after sliding below 1.1600.
The Canadian dollar found some relief as oil staged a short-lived recovery, but gains faded for both soon after. USD/CAD bottomed out at 1.1568, a few pips above yesterday’s low, only to bounce back to the 1.1630 area. However, the pair seems unable to move much higher at the moment as USD/CAD holds near 5 ½-year highs.
USD/CAD technical levels
At time of writing, USD/CAD is trading at 1.1613, still 0.16% below its opening price, with immediate resistances at 1.1645 (daily high) and 1.1672 (2014 high Dec 15). On the other hand, supports could be found at 1.1559 (Dec 17 low) and 1.1545 (10-day SMA).
The Canadian dollar found some relief as oil staged a short-lived recovery, but gains faded for both soon after. USD/CAD bottomed out at 1.1568, a few pips above yesterday’s low, only to bounce back to the 1.1630 area. However, the pair seems unable to move much higher at the moment as USD/CAD holds near 5 ½-year highs.
USD/CAD technical levels
At time of writing, USD/CAD is trading at 1.1613, still 0.16% below its opening price, with immediate resistances at 1.1645 (daily high) and 1.1672 (2014 high Dec 15). On the other hand, supports could be found at 1.1559 (Dec 17 low) and 1.1545 (10-day SMA).