USD/CAD holds onto mild gains

USD/CAD holds onto mild gains

4 April 2016, 20:06
Vasilii Apostolidi

The Canadian dollar managed to hold up pretty well against its US rival despite renewed weakness in oil prices, with WTI falling back below $37.00 a barrel.

USD/CAD rose to a daily high of 1.3082 during the European session but then turned lower amid broad USD weakness and bottomed out at 1.3002. With the subsequent bounce capped by 1.3064, the pair was confined to a range over the last hours as most FX crosses. At time of writing, USD/CAD is trading at mid-range around 1.3040, 0.15% higher on the day.

USD/CAD levels to consider

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As for technical levels, next resistances line up at 1.3104 (10-day SMA), 1.3146 (Apr 1 high) and 1.3215 (Mar 29 high). On the other hand, supports are seen at 1.3002/00 (Apr 4 low/psychological level). 1.2967 (Apr 1 low) and 1.2856 (Mar 31 low).

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