USD/CAD erases daily losses as oil falls

Ani Salama FXStreet

USD/CAD erased intraday losses over the last hours, as the loonie weakened in tandem with oil prices, while the dollar recovered from post-FOMC lows.

WTI extended losses on Thursday and fell briefly below the $41.00/bbl level. In the meantime, USD/CAD rose nearly a hundred pips from a low of 1.3100 and reached a peak of 1.3191. At time of writing, the pair is trading at 1.3182, virtually unchanged on the day while crude is at $41.05/bbl, nearly 2% down.

USD/CAD levels to watch

In terms of technical levels, next resistances are seen at 1.3253 (Jul 27 high), 1.3307 (200-day SMA) and then 1.3404 (Mar 16 high). On the flip side, supports could be found at 1.3100/1.3095 (Jul 28 low/10-day SMA), 1.3156 (Jul 27 low) and 1.3119 (Jul 25 low).

Author

Ani Salama

FXStreet

Ani Salama is an Economist specialized in financial markets and statistics analysis. In 2010, she joined FXstreet where she now contributes with the news section.

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