USD/CAD eyes September lows
FXStreet (Córdoba) – After a short lived recovery, the USD/CAD pair weakened again and dropped back below 1.3100 as it continues to move toward September lows, located at 1.3010.
USD/CAD continues to decline
The pair is falling for the fourth trading day in a row. Earlier today bottomed at 1.3062 USD/CAD hitting the lowest level since September 18. Afterwards bounced to the upside and but it found resistance below 1.3130 and dropped back toward the lows.
Currently it trades at 1.3082/86 USD/CAD, down 0.50% for the day and almost 400 pips below last week highs, when it reached at 1.3157, the strongest in 11 years.
Today the pair is falling as crude oil gains 2.30%. The WTI barrel is trading at $46.70, near the key resistance located around $47.00 – $47.20.
USD/CAD technical levels
To the downside, support levels might be located at 1.3065 (daily low), 1.3010 (Sep 18 low) and 1.2955. On the upside, potential resistance level could lie at 1.3155, 1.3175 USD/CAD (daily high) 1.3215 and 1.3275 USD/CAD.
After a short lived recovery, the USD/CAD pair weakened again and dropped back below 1.3100 as it continues to move toward September lows, located at 1.3010 USD/CAD.
(Market News Provided by FXstreet)