USD/CAD Briefly Falls Below 1.3100 on Higher Oil Prices, Better Sentiment

USD/CAD Briefly Falls Below 1.3100 on Higher Oil Prices, Better Sentiment

24 May 2016, 18:01
Roberto Jacobs
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USD/CAD Briefly Falls Below 1.3100 on Higher Oil Prices, Better Sentiment

The Canadian dollar received a boost and dragged USD/CAD to fresh daily lows during the American session, supported by higher oil prices and improved market sentiment.

USD/CAD pulled back from a 7-week peak of 1.3187 scored earlier on the day, and dropped more than 100 pips to hit a low of 1.3085 before recovering slightly. At time of writing, USD/CAD was trading at 1.3118, still % below its opening price.

USD/CAD technical levels

In terms of technical levels, next supports could be found at 1.3010 (May 19 low), 1.2993 (10-day SMA) and 1.2918 (50-day SMA). On the flip side, resistances are seen at 1.3187 (May 24 high), 1.3218 (Apr 5 high) and 1.3295 (Mar 24 high).


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