USD/CAD extends gains, approaches to 1.3200

USD/CAD rallied to fresh 2-day highs during the New York session, as a series of disappointing Canadian data and a drop in oil prices weighed on the loonie.

USD/CAD, that had stalled around 1.3150, picked up fresh momentum and stretched to a fresh high of 1.3170 in recent dealings. The pair was last up 0.97% at 1.3166. 

A sudden fall in oil prices, triggered by reports that Saudi Arabia doesn’t expect decision at Algiers meeting, pushed USD/CAD to the upside.  WTI fell 2.87% to $44.99 a barrel.

USD/CAD technical levels

In terms of technical levels, next resistances are seen at 1.3200 (psychological level), 1.3245 (200-day SMA) and 1.3295/1.3300 (Mar 24 high/psychological level). On the other hand, supports line up at 1.3029 (Sep 23 low), 1.2993 (100-day SMA) and 1.2905 (Sep 5 low).