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USD/CAD at fresh 11-year high, as oil drops

FXStreet (Mumbai) - The offered tone around CAD gathered pace in the early US session, pushing the USD/CAD to a fresh session high of 1.3606 as oil prices fell into losses.

Oil could overshadow CAD data

Oil prices were up an hour ago after the data from China showed the country’s oil imports rose even though the overall number has been on a declining trend. However, the uptick was short-lived as prices fell into losses. Both the benchmarks – WTI and Brent – now trade almost 2% lower on the day. WTI Jan futures hit a session low below USD 37/barrel.

The sharp losses in oil could overshadow a possible upbeat Canadian housing starts and building permits data. At the moment, the USD/CAD is hovering near 1.36 levels.

USD/CAD Technical Levels

The immediate resistance is seen at 1.3717 (Apr 2004 close), above which the pair could test 1.3819 (June 2004 high). On the other hand, a failure to sustain above 1.36 would expose 1.3457 (Sep 2015 high) and 1.34 levels.

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