FXStreet (Córdoba) – USD/CAD resumed the advance after yesterday’s setback and rose back above 1.3900 as investors await the US weekly oil inventories report.
US dollar gathered pace at the beginning of the New York session and climbed to a peak of 1.3917 versus the loonie, but failed to hold at highs. At time of writing, USD/CAD was trading at 1.3895, down 0.38% on the day.
Later on the session, the Energy Information Administration (EIA) report is expected to show US crude inventories declined by 2.5 million barrels in the week ended Dec 25. Data could trigger response in oil prices and the Canadian dollar.
USD/CAD technical levels
In terms of technical levels, immediate resistances line up at 1.3939 (Dec 29 high) and 1.3993/1.4000 (Dec 22 & 18 highs/psychological level). On the flip side, supports are seen at 1.3811 (Dec 28 low), 1.3777 (Dec 17 low) and 1.3720 (20-day SMA).
(Market News Provided by FXstreet)