5 Jan 2015
USD/CAD back below 1.1800
FXStreet (Córdoba) - USD/CAD is going through a consolidation phase below 1.1800 after hitting a fresh 6-year high at the weekly opening as the loonie weakened in tandem with oil prices.
USD/CAD peaked at 1.1840 during the Asian session but pulled back and settled in a range below the psychological level where it has spent the last hours. At time of writing, the pair is trading at 1.1775, virtually unchanged from Friday’s close.
In the absence of first-tier economic data from the US and Canada, cautious mood and oil declines have continued to drive USD/CAD.
USD/CAD levels to watch
As for technical levels, USD/CAD could find immediate supports at 1.1760 (daily low) and 1.1672 (Dec 15 2014 high). On the flip side, resistances line up at 1.1840 (multi-year high Jan 5) and 1.1900 (psychological level).
USD/CAD peaked at 1.1840 during the Asian session but pulled back and settled in a range below the psychological level where it has spent the last hours. At time of writing, the pair is trading at 1.1775, virtually unchanged from Friday’s close.
In the absence of first-tier economic data from the US and Canada, cautious mood and oil declines have continued to drive USD/CAD.
USD/CAD levels to watch
As for technical levels, USD/CAD could find immediate supports at 1.1760 (daily low) and 1.1672 (Dec 15 2014 high). On the flip side, resistances line up at 1.1840 (multi-year high Jan 5) and 1.1900 (psychological level).