Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: USD/CAD outlook weaker on renewed downside pressure

  • The USD/CAD pair declined on Tuesday as oil prices rose and stronger-than-expected domestic housing starts suggested the country's long housing boom may not yet be over.
     
  • Housing starts rose to a seasonally adjusted annual rate of 207,041 units in December from an upwardly revised 187,273 units in November.
     
  • Oil prices steadied on Tuesday after a sharp sell-off as a fall in the dollar triggered a bout of short-covering.
     
  • Short raise around 1.3290 should be viewed as selling opportunities, as the Canadian dollar is stronger against the US dollar in intraday trading.
     
  • The immediate support can be seen at 1.3155, break below this level will expose the pair to next support level at 1.3070.
     
  • Major resistance can be seen at 1.3295, break above this level will expose the pair towards 1.3355 levels.

    Resistance Levels

    R1: 1.3225 (50% Retracement level)

    R2: 1.3295 (61.8% Retracement level)

    R3: 1.3355 (Dec 5th high)

    Support Levels

    S1: 1.3155 (38.2% Retracement level)    

    S2: 1.3070 (23.6% Retracement level)

    S3: 1.3000 (Psychological levels)
  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.