USD/CAD Finds Resistance Ahead of 1.3000

USD/CAD Finds Resistance Ahead of 1.3000

9 May 2016, 15:59
Roberto Jacobs
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USD/CAD Finds Resistance Ahead of 1.3000

USD/CAD has extended gains on Monday, supported by a steep decline in oil prices which sent the loonie stumbling.

USD/CAD broke above Friday’s highs and climbed to its highest level in 3 weeks at 1.2983 before losing momentum and pausing the advance ahead of the 50-day SMA. At time of writing, the pair was trading at 1.2965, recording a 0.48% daily gain.

The economic calendar is quite light for the session, with Canada reporting 191.5K housing starts in April, down from 204.3K the previous month.

USD/CAD levels to watch

In terms of technical levels, next resistances line up at 1.2995/1.3000 (50-day SMA/psychological level), 1.3062 (Apr 6 low) and 1.3155 (Apr 8 high). On the flip side, supports are seen at 1.2905 (May 9 low), 1.2785 (May 5 low) and 1.2729 (20-day SMA).


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