Technical analyisis: USD/CAD breaks the downtrend and hits one-week high via ForexLive

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USD/CAD as risen a full cent since the OPEC decision and is trading at 1.1340 after touching a one-week high of 1.1355.

Canadian benchmark oil — Western Canada Select — is trading at $55.94 but oil prices there have been much lower, even in the recent past. The low in that benchmark in 2013 was $51.25 and it hit $44.42 in late 2012.

Technically, USD/CAD held the 55-dma and has now broken through the 21-dma and the downtrend since early in the month. A close above that level would be bullish but it's dangerous to draw conclusions with  the US out for a holiday.

USDCAD daily chart w 21 and 55-dma

Another level to watch is 1.1362, which is the 50% fib of the Nov decline.

posted via ForexLive

Posted In: ForexGlobalEconomics
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