27 Jul 2015
USD/CAD steadies around 1.3000 as oil finds support
FXStreet (Córdoba) - USD/CAD managed to recover from daily lows during the American session as oil prices decline weighed on the loonie and offset broad USD weakness.
USD/CAD bounced from a low of 1.2978 and rose more than half a cent toward the 1.3045 zone before finding resistance. The pair has spent the last hours consolidating around the flat line, unable to set a fresh direction as oil prices also steadied near 6-month lows at the $43.50 zone. At time of writing, USD/CAD is trading at 1.3025, little changed on the day.
Markets remain quiet after a busy morning as investors await the FOMC monetary policy decision on Wednesday.
USD/CAD key levels
In terms of technical levels, next resistances are seen at 1.3054 (Jul 27 high), 1.3102 (10-year high Jul 23) and 1.3169 (Sep 1 2004 high). On the flip side, supports could be found at 1.2978 (Jul 27 low), 1.2963 (10-day SMA) and 1.2915 (Jul 21 low).
USD/CAD bounced from a low of 1.2978 and rose more than half a cent toward the 1.3045 zone before finding resistance. The pair has spent the last hours consolidating around the flat line, unable to set a fresh direction as oil prices also steadied near 6-month lows at the $43.50 zone. At time of writing, USD/CAD is trading at 1.3025, little changed on the day.
Markets remain quiet after a busy morning as investors await the FOMC monetary policy decision on Wednesday.
USD/CAD key levels
In terms of technical levels, next resistances are seen at 1.3054 (Jul 27 high), 1.3102 (10-year high Jul 23) and 1.3169 (Sep 1 2004 high). On the flip side, supports could be found at 1.2978 (Jul 27 low), 1.2963 (10-day SMA) and 1.2915 (Jul 21 low).