FXStreet (Córdoba) – The greenback extended gains versus the loonie on Tuesday as the stabilization of oil prices has failed to underpin the Canadian currency.
USD/CAD reversed early weakness and regained the 1.39 mark, climbing to a fresh 1-week high of 1.3939 before losing momentum. Having pulled back slightly from highs, the pair is currently trading at the 1.3915 zone, recording a 0.1% gain on the day.
USD/CAD remains near an 11-year high of 1.4000 scored earlier this month as the tailspin in oil prices have weighed heavily on the Canadian dollar.
USD/CAD levels to watch
On the upside, next resistances are seen at 1.3939 (Dec 29 high) and 1.3993/1.4000 (Dec 22 & 18 highs/psychological level). On the downside, supports could be found at 1.3811 (Dec 28 low), 1.3777 (Dec 17 low) and 1.3727 (Dec 16 low).
(Market News Provided by FXstreet)