OctaFX | OctaFX Forex Broker
Open trading account

USD/CAD drops despite falling crude oil prices and Canadian data

FXStreet (Córdoba) - USD/CAD is about to end the day modestly lower despite a decline in crude oil prices and a lower-than-expected reading on Canadian Housing starts.

Correcting lower

On Friday it reached at 1.3318 the highest level since September 30 boosted by the NFP report. But also on Friday, employment numbers from Canada were stronger than expected and is possible behind today’s performance of the loonie that is the best among commodity currencies.

Crude oil is falling modestly, the barrel (WTI) trades below USD 44.00 while stocks in Wall Street are falling more than 1%. USD/CAD held in negative territory and below 1.3200, despite risk aversion and a decline in commodity prices.

USD/CAD technical levels

To the upside, resistance levels might lie at 1.3215/20 (last week highs), 1.3355 (August 25, 26 high) and 1.3400 (psychological level). On the opposite direction support might be seen at 1.3245 (daily low), 1.3190 (previous support) and 1.3155 (Nov 6 low).

EUR/JPY gives up daily gains, hovers near 6-month low

EUR/JPY recovered from a 6-month low and briefly climbed above the 133.00 level, but the euro failed to hold gains amid talks the ECB could cut deposit rate in December.
Read more Previous

Gold recovers after 8-day losing streak but holds near 3-month lows

Gold managed to recover slightly from a 3-month low scored post-nonfarm payrolls last Friday near $1,085 an ounce. The pair climbed to a peak of $1,095.69 but failed to hold at highs and retraced most of its intraday gains.
Read more Next
Start livechat