USD/CAD extends slide below 1.3400

A combination of a recovery in crude oil prices and a decline of the US dollar, pushed USD/CAD further to the downside during the American session. Also, economic data from Canada helped the Loonie: wholesale sales rose 1.0% in October surpassing expectation of a 0.5% rise. 

The pair earlier reached at 1.3434, the highest level since November 30 but then turned to the downside. It accelerated the decline below 1.3400 and recently printed a fresh low at 1.3358. 

It was trading at 1.3365/70, down 30 pips for the day, headed toward the first daily loss in a week. The Canadian dollar is the best performer among commodity currencies so far on Tuesday. 

Technical levels 

To the downside, support levels might lie at 1.3345 (50-day moving average), and 1.3300 (psychological). On the upside, resistance could be seen at 1.3395 (Dec 6 high) 1.3435 (Daily high) and 1.3480.