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27 Aug 2015
USD/CAD back to daily lows as WTI jumps
FXStreet (Córdoba) - USD/CAD rebounded from 1.3185 after the release of US GDP data and rose to 1.3275 but then turned again to the downside and fell to test daily lows boosted by the loonie. The Canadian dollar rose across the board as crude oil prices jumped.
The barrel (WTI) is rising more than 7% and recently reached at $41.50, the strongest level in a week after surging almost $3. While the US dollar is consolidating gains versus European currencies, it is losing ground versus the loonie and the aussie.
USD/CAD technical levels
The recent slide from 1.3285 found support again above 1.3180/85, that has become a key short-term support; below here the pair could decline further to test 1.3140 (August 24, 25 low).
On the opposite direction the hourly 20-SMA that stands at 1.3265 could be a dynamic resistance to take into account, followed then by the 1.3300 zone and 1.3340 (August 26 high).
The barrel (WTI) is rising more than 7% and recently reached at $41.50, the strongest level in a week after surging almost $3. While the US dollar is consolidating gains versus European currencies, it is losing ground versus the loonie and the aussie.
USD/CAD technical levels
The recent slide from 1.3285 found support again above 1.3180/85, that has become a key short-term support; below here the pair could decline further to test 1.3140 (August 24, 25 low).
On the opposite direction the hourly 20-SMA that stands at 1.3265 could be a dynamic resistance to take into account, followed then by the 1.3300 zone and 1.3340 (August 26 high).