USD/CAD hits a new 11-year high

By FXStreet FXStreet (Córdoba) – USD/CAD rebounded at 1.3370 and jumped to 1.3457 hitting a fresh 11-year high. The pair then pulled back and it was trading at 1.3420/26, headed toward the highest close since June 2004.

The pair is about to post the eighth daily gain out of the last nine trading days as the loonie continues to decline against the US dollar. Not even today’s recovery in crude oil prices and stocks helped the Canadian dollar. The WTI barrel is rising 2.40% and trades above $45.40.

The loonie is the worst performer among commodity currencies on Tuesday while the US dollar is mostly lower in the market.

USD/CAD technical levels

To the downside, support levels might now lie at 1.3415, 1.3375 and 1.3345. On the other direction, resistance could be seen at 1.3455 (daily high), 1.3475 and 1.3495.

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Source:: FX Street