USD/CAD breaks below 1.3350 and falls to 2-day lows

Matías Salord FXStreet

USD/CAD broke below 1.3355 and accelerated to the downside during the last two hours amid a decline o th US dollar against commodity currencies and a recovery in crude oil prices.

The greenback, remains strong and in positive territory against European currencies and also the yen but is losing ground versus commodity currencies. The WTI barrel is up 2% and recently printed fresh highs at $49.40.

USD/CAD dropped to 1.3329, hitting a 2-day low. Price remains near the lows with a negative tone and moving toward weekly lows located at 1.3315. From yesterday’s closing price is down 40 pips.

Technical levels

If it continues to slide, potential support levels might lie at 1.3315/20 (Mar 23 & 27 low), 1.3275 (Mar 16 low) and 1.3260 (Mar 21 low). On the flip side, resistance could be seen at 1.3350/55 (Mar 28 low / Asian session low), 1.3400 (daily high) and 1.3420 (Mar 10 low).

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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