Wednesday, November 11, 2015

USD/CAD turns negative around 1.3260

FXStreet (Edinburgh) - The Canadian dollar has trimmed its earlier losses vs. its American neighbour on Wednesday, now taking USD/CAD to the 1.3260 region.

USD/CAD directionless, eyes on crude, risk

The pair is now alternating gains with losses after rebounding from overnight troughs in the 1.3240 region, keeping a narrow range amidst scarce volatility in response to the inactivity in the US and Canadian markets.

The current sell-off in crude oil prices keep capping CAD gains, while the flat performance of the greenback has been limiting the occasional bullish attempts.

USD/CAD levels to consider

As of writing, the pair is retreating 0.03% at 1.3260 facing the next support at 1.3179 (55-day sma) followed by 1.3069 (61.8% Fibo of 1.3459-1.2827) and finally 1.2988 (5-month uptrend). On the other hand, a surpass of 1.3317 (high Nov.6) would open the door to 1.3355 (high Aug.25) and then 1.3458 (high Sep.29).
For more information, read our latest forex news.

No comments:

Post a Comment