28 Nov 2014
USD/CAD nears 1.1400 as loonie continues to weaken
FXStreet (Córdoba) - USD/CAD extended gains into a second day Friday and approached to 1.14 as the loonie continues to suffer on the back of lower oil prices.
USD/CAD has risen more than 150 pips over the last sessions after the OPEC refrained from cutting production quotas to fight price falling. The pair climbed to a 2-week high of 1.1390 and continues to threaten the upside.
USD/CAD technical levels
If USD/CAD breaks above daily highs, next resistances are seen at 1.1400 (psychological level/Nov 11 high), 1.1447 (Nov 7 high) and 1.1466 (multi-year high scored Nov 5). On the flip side, supports could be found at 1.1325 (daily low/21-day SMA), 1.1300 (psychological level) and 1.1260 (Nov 18 low).
USD/CAD has risen more than 150 pips over the last sessions after the OPEC refrained from cutting production quotas to fight price falling. The pair climbed to a 2-week high of 1.1390 and continues to threaten the upside.
USD/CAD technical levels
If USD/CAD breaks above daily highs, next resistances are seen at 1.1400 (psychological level/Nov 11 high), 1.1447 (Nov 7 high) and 1.1466 (multi-year high scored Nov 5). On the flip side, supports could be found at 1.1325 (daily low/21-day SMA), 1.1300 (psychological level) and 1.1260 (Nov 18 low).