The USDCAD pair has been trading over the past week with one eye on the OPEC meeting in Vienna. When the announcement was made on Friday that production levels would remain on hold with a greater focus on compliance, the pair moved lower to retest the rising black trend line at 1.32765. Today there is a push back higher after news that OPEC plans a small production boost. Resistance is now set at today’s high of 1.33080 and the 1.33000 level. A breakout higher would wish to test last week’s high at 1.33810.
Support at today’s low comes in at 1.32584 with the 1.32000 level below. This is followed by the 1.31240 level and the 1.30700 area. A retest of the trend line at 1.30300 could see a resumption of the move higher as buyers step in to take advantage of lower prices. As the trend line falls through time it will be supported by 1.30000. The 50 DMA is found at 1.29738 and as it rises will also support the level. The 100 DMA is at 1.28750 and the 200 DMA is slowly rising past 1.28300.