USD/CAD finds resistance again at 1.3400

Matías Salord FXStreet

USD/CAD moved off daily highs after the rally again found resistance around the 1.3400 handle. From a fundamental perspective, crude oil prices moved off lows helping the Loonie in the market.

The pair peaked earlier at 1.3401 and then dropped to 1.3361. It is trading at 1.3380/85, marginally above yesterday’s closing price. The WTI barrel is falling 0.65%, above $47.50 after falling earlier toward $47.00.

Lower crude oil prices and a stronger dollar against commodity currencies gave support to the pair on Monday. It still remains moving sideways, with the upside capped by the 1.3400 area. A break higher and a consolidation on top could open the doors to more gains.

Levels to watch

As mentioned, to the upside, the key short-term resistance is located around 1.3400/05 (last week and daily high), followed by 1.3435 (Mar 3 high) and 1.3475 (Mar 13 high). On the downside, support could be seen at 1.3355, 1.3310/15 (Mar 23 low) and 1.3275 (Mar 16 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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