USD/CAD falls back below 1.45

By FXStreet FXStreet (Mumbai) – The selling pressure around CAD eased, pushing the USD/CAD pair back below 1.45 levels as oil prices recovered from the 13-year low.

CAD tracks oil

The demand for the CAD remains entirely dependent on the movement in the oil prices. Both benchmarks hit lowest since 2003 in Asia as Iran sanctions ended over the weekend, opening doors for fresh Iranian oil supply.

Hence, USD/CAD rose to a fresh multi-year high of 1.4605. However, oil witnessed technical recovery, consequently, CAD followed suit driving the USD/CAD pair below 1.45 levels.

USD/CAD Technical Levels

The immediate support is seen at 1.4473 (hourly 50-MA), under which the losses could be extended to 1.4382 (hourly 100-MA). On the other hand, the pair may revisit 1.4605 if the spot moves back above immediate resistance at 1.45.
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Source:: FX Street