USD/CAD trims daily gains, back below 1.3500

USD/CAD retreated from above 1.3500 after hitting a 6-day peak, mainly driven by the greenback, while oil price gains have stalled around $48/bbl.

USD/CAD reached a weekly high of 1.3535 earlier on the day, but gave up all gains over the last hours, sliding to the 1.3475 zone, in the absence of macroeconomics news and amid thin liquidity given the US Thanksgiving celebrations. At time of writing, the pair is trading at 1.3490, just a few pips above its opening price.

USD/CAD levels to consider

In terms of technical levels, next resistances are seen at  1.3535 (Nov 24 high), 1.3564 (Nov 18 high) and 1.3589 (Nov 14 high). On the other hand, supports could be faced at 1.3423 (Nov 23 low), 1.3377 (Nov 22 low) and 1.3294 (50-day SMA).

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

USDCAD from Tip TV Productions on Vimeo.