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No respite for CAD, hits fresh 11-year low against USD

FXStreet (Mumbai) - The losses in oil drove CAD to another 11-year low against the USD today. The USD/CAD pair currently trades at a 11-year high of 1.3675.

CAD tracks Oil

The technical correction in oil has not lasted beyond a couple of hours throughout the week. The story is the same today as the oil prices fell back into losses after the IEA report highlighted OPEC’s renewed determination to continue defending its market share.

Consequently, the CAD fell to a fresh 11-year low. The losses could be extended further if the US advance retail sales, due later today, blows past the expectations.

USD/CAD Technical Levels

The immediate resistance is seen at 1.3819 (June 2004 high), above which the pair could rise to 1.3978 (Sep 2003 high). On the other hand, a break below 1.3640 (previous day’s high) would open doors for a technical correction to the hourly 50-MA at 1.3594.

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