USD/CAD recovery capped by 1.3280

By FXStreet FXStreet (Córdoba) – USD/CAD is falling for the second day in a row and reached the lowest level in almost two weeks at 1.3216. During the American session trimmed losses. The recovery from the lows found resistance at 1.3275/80, where the hourly 20-SMA is located.

Currently it trades at 1.3255, exactly 200 pips below Wednesday highs, when it climbed to 1.3458, hitting levels last seen in eleven years.

The loonie so far is the best performer among commodity currencies. It managed to hold to gains despite the retreat of crude oil prices. The barrel (WTI) rallied earlier to $47 (1-week high) but then reversed and dropped below $45.00.

USD/CAD technical levels

To the upside, resistance level could be located at 1.3275/80 (intraday level), 1.3305, 1.3340 and 1.3375. On the flip side, support now might be seen at 1.3250, 1.3215/20 (daily low) and 1.3175.
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Source:: FX Street