USD/CAD drops to 6-day low

USD/CAD extended losses during the American session as the Canadian dollar benefited from higher oil prices while greenback’s advance lost momentum.

USD/CAD climbed briefly above 1.3500 during the European session but then came under pressure, and it has been steadily declining over the last hours. USD/CAD accelerated to a low of 1.3412 despite EIA reported an unexpected oil build, which usually weighs on oil and therefore on the CAD.

USD/CAD technical levels

At time of writing, USD/CAD is trading at 1.3415, down 0.23% on the day.  In terms of technical levels, next supports could be faced at 1.3390 (20-day SMA), 1.3300 (psychological level) and 1.3263 (Nov 9 low). On the flip side, resistances are seen at 1.3560 (Nov 15 high), 1.3588 (Nov 15 high), 1.3600 (psychological level) and 1.3796 (Feb 4 low).

To learn more about this topic, check our video analysis:

USDCAD from Tip TV Productions on Vimeo.