USD/CAD breaches 1.4200, daily lows

By FXStreet FXStreet (Edinburgh) – The Canadian dollar is now picking up further pace vs. the greenback, sending USD/CAD to record session lows in the 1.4190/80 band.

USD/CAD sinks as oil recovers

The Canadian dollar is now reverting the initial negative mood in response to the better tone from crude oil prices, with the barrel of WTI now rebounding from the $30 neighbourhood to clinch session highs near $31.70.

In the meantime, spot has surrendered earlier gains after climbing as highs the 1.4270 area, or new 13-year peaks.

Data wise in the US, NFIB’s Business Optimism Index has come in at 95.2 for the month of December, a tad lower than expectations albeit surpassing November’s 94.8.

USD/CAD significant levels

At the moment the pair is down 0.08% at 1.4211 and a breach of 1.3793 (low Dec.24) would open the door to 1.3684 (3-month uptrend) and then 1.3586 (55-day sma). On the flip side, the next resistance aligns at 1.4672 (high Apr.24 2003) followed by 1.4946 (high Apr.7 2003) and finally 1.5365 (high Jan.28 2003).
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Source:: FX Street