Tuesday, January 3, 2017

The USD/CAD retraces to the 1.3400 level

The US Dollar versus the Canadian Dollar has retraced to the 1.3400 zone as oil keeps getting higher and supports the rally on the Looney. However, the 1.3400 zone has proven to be a good support for the pair as shown on the daily chart from where the pair has not been able to break it to the downside. A bearish breakdown of the 1.3400 level could cause the pair to go and visit the 1.3300 level or it could go to the 200 day EMA, blue line. If the price bounces to the upside from the 1.3400 level, then it could find some resistance around the 1.3500 level, but the real important resistance for the USD/CAD is located at its latest high around the 1.3600 level.


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