25 November 2016, 17:32  USD/CAD pair manages to recover

Following yesterday's reversal from 1.3535 level and a subsequent drop to mid-1.3400s on Friday, the USD/CAD pair managed to recover its lost ground and is now attempting a move back above 1.3500 round figure mark. A sharp slide in crude oil prices was seen assisting the pair's recovery from session low. In fact, WTI crude oil has now started trending low and is currently trading with a loss of around 1.7%, which is weighing on the commodity-linked currency - Loonie and eventually helping the pair to maintain its positive bias for the fourth straight session. The pair's upside, however, remained capped below Thursday's 4-day high level of 1.3535 as the post-US election US Dollar strong up-trend appeared to take a pause on Friday. Bulls took a breather on Friday and now look forward to next week's key US macro releases - quarterly GDP print and monthly employment details (NFP), which will be looked upon for further bullish traction. On the data front, US goods trade balance and wholesale inventories data provided little impetus and the pair remained at the mercy of price-dynamics surrounding oil prices and the broader sentiment surrounding the greenback. Immediate upside resistance remains near 1.3535 (yesterday's high) above which the pair seems to immediately dart towards 1.3555 resistance area ahead of 1.3590 (Nov. 14 high). On the downside, 1.3450 (session low) now becomes immediate support, which if broken might accelerate the slide towards 1.3415 intermediate support en-route 1.3380-75 (weekly lows) support.

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