USD/CAD regains 1.3900, nears 11-year high

FXStreet (Córdoba) – The greenback extended gains versus the loonie on Tuesday as the stabilization of oil prices has failed to underpin the Canadian currency.

USD/CAD
reversed early weakness and regained the 1.39 mark, climbing to a fresh 1-week high of 1.3939 before losing momentum. Having pulled back slightly from highs, the pair is currently trading at the 1.3915 zone, recording a 0.1% gain on the day.

USD/CAD remains near an 11-year high of 1.4000 scored earlier this month as the tailspin in oil prices have weighed heavily on the Canadian dollar.

USD/CAD levels to watch

On the upside, next resistances are seen at 1.3939 (Dec 29 high) and 1.3993/1.4000 (Dec 22 & 18 highs/psychological level). On the downside, supports could be found at 1.3811 (Dec 28 low), 1.3777 (Dec 17 low) and 1.3727 (Dec 16 low).

The greenback extended gains versus the loonie on Tuesday as the stabilization of oil prices has failed to underpin the Canadian currency.

(Market News Provided by FXstreet)