USD/CAD Consolidates Daily Gains

USD/CAD Consolidates Daily Gains

7 April 2016, 19:51
Roberto Jacobs

USD/CAD Consolidates Daily Gains

USD/CAD consolidates near daily highs after rising more than 150 pips throughout the day as renewed weakness in oil prices weighed down the loonie.

USD/CAD reached a peak of 1.3180 during the American session as WTI futures struck a low of $36.70 a barrel. USD/CAD has spent the last hours in quiet consolidation near highs and it was last at 1.3160, recording a 0.54% daily gain.

USD/CAD levels to consider

As for technical levels, next resistances line up at 1.3200 (psychological level), 1.3215/18 (Mar 29 & Apr 5 highs) and 1.3295 (Mar 24 high). On the other hand, supports are seen at 1.3067 (Apr 5 low), 1.3002/00 (Apr 4 low/psychological level). 1.2967 (Apr 1 low) and 1.2856 (Mar 31 low).

(Market News Provided by FXstreet)

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