2 May 2016
USD/CAD falls to daily lows as oil rises
USD/CAD came under pressure at the beginning of the New York session and slid to fresh daily lows as the loonie picked up pace in tandem with oil prices.
In the absence of clear catalysts, oil prices extended gains on Monday, with WTI reaching levels above $46.00 a barrel.
USD/CAD was dragged down to a low of 1.2512 in recent dealings and it was last trading around 1.2520, not far from multi-month lows scored on Friday.
USD/CAD levels to watch
As for technical levels, immediate supports are seen at (2016 low, Apr 29), 1.2474 (Jul 1 2015 low) and 1.2413 (100-week SMA). On the flip side, resistances line up at 1.2605 (Apr 28 high), 1.2623 (10-day SMA) and 1.2685 (Apr 26 high).
In the absence of clear catalysts, oil prices extended gains on Monday, with WTI reaching levels above $46.00 a barrel.
USD/CAD was dragged down to a low of 1.2512 in recent dealings and it was last trading around 1.2520, not far from multi-month lows scored on Friday.
USD/CAD levels to watch
As for technical levels, immediate supports are seen at (2016 low, Apr 29), 1.2474 (Jul 1 2015 low) and 1.2413 (100-week SMA). On the flip side, resistances line up at 1.2605 (Apr 28 high), 1.2623 (10-day SMA) and 1.2685 (Apr 26 high).