TenkoFX - Analytics

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    USD/CAD back to square one

    USD/CAD is back at square one after seesawing between daily highs and lows, inversely with oil prices.USD/CAD first spiked to a 6-day high of 1.2826 but failed to hold gains and slid to a low of 1.2749 at the beginning of the New York session as market mood continues to drive financial markets ahead of the Fed meeting this week.Meanwhile, oil prices staged a mild bounce after OPEC monthly report, which said outages in Canada and Nigeria have helped bring market into balance.USD/CAD technical levelsAs for technical levels, next resistances could be found at 1.2826 (Jun 13 high), 1.2869 (50-day SMA) and 1.2960 (20-day SMA). On the other hand, supports are seen at 1.2762 (Jun 13 low), 1.2659 (Jun 8 low) and 1.2585 (Apr 29 high).


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