USD/CAD fails to hold above 1.3300

USD/CAD slide found support at a 6-week low on Monday and the pair managed to take back some losses as oil rally paused.

USD/CAD fell to its lowest level since Oct 24 at 1.3235 on Monday and managed to briefly climb above the 1.33 mark during today’s New York session. However, the dollar lacked momentum and USD/CAD settled around the flat line in the 1.3280 area over the last hours.

On Wednesday, the Bank of Canada will decide on monetary policy, but it is expected to keep rates on hold at 0.5%.

USD/CAD levels to watch

At time of writing, the pair is trading at 1.3280, just a few pips above its opening price. In terms of technical levels, immediate supports are seen at 1.3235 (Dec 5 low), 1.3223 (Oct 21 low), 1.3200 (psychological level) and 1.3189 (100-day SMA). On the flip side, resistances could be faced 1.3327 (50-day SMA), 1.3354 (Dec 5 high) and 1.3392 (10-day SMA).

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

USDCAD from Tip TV Productions on Vimeo.