USD/CAD breaks below 1.4100 as oil rallies

By FXStreet FXStreet (Córdoba) – The Canadian dollar is among the best performers in the FX space as the recovery in oil prices led to an impressive rebound of commodity-linked currencies.

USD/CAD has lost more than 250 pips over the last hours, inversely with WTI futures, which gained over 3% to above $31.00 a barrel. USD/CAD fell below 1.4100 for first time in two weeks, and bottomed out at 1.4066 in recent dealings. At time of writing, the pair is trading at 1.4075, down 1.5% on the day.

USD/CAD levels to watch

As for technical levels, next supports are seen at 1.4049 (Jan 7 low), 1.4000 (psychological level) and 1.3972 (Jan 6 low). On the flip side, immediate resistances could be found at 1.4299/1.4300 (Jan 22 high/psychological level), 1.4325 (Jan 26 high), 1.4396 (Jan 14 high) and 1.4540 (Jan 21 high).
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Source:: FX Street