FXStreet (Mumbai) – The USD/CAD pair turned lower from the multi-year high to trade below 1.45 levels as oil prices trimmed losses.
CAD tracking oil
At the moment, the pair is solely focused on the action in crude prices. Brent oil recovered from $29.41 to trade near $29.4/barrel. On similar lines WTI oil recovered from the daily lows as well, thereby helping CAD to take back part of its losses.
Consequently, the USD/CAD pair turned lower from the high of 1.4547 to trade around 1.4490 levels. The CAD could continue to track oil prices ahead of the NY closing. The US advance retail sales data may also influence the pair.
USD/CAD Technical Levels
The immediate support is seen at 1.4450 (hourly 10-MA), under which the pair could drop to 1.4360 (hourly 50-MA). On the other side, resistance is seen at 1.4547 (daily high) would expose the psychological level of 1.46.
(Market News Provided by FXstreet)