USD/CAD rises further, eyes November highs

USD/CAD is rising for the fourth day in a row on Tuesday on the back of a weak Loonie in the market. The Canadian currency is falling across the board despite the 1.5% rise in crude oil prices. 

Closer to 1.3600

The pair broke above 1.3540 during the US session and gained momentum. Recently printed a fresh daily high at 1.3567, the highest level in six weeks. It was trading at 1.3555/60, 35 pips above Friday’s closing price. 

Price action across financial markets remains limited on Tuesday and could continue that way for a week. No economic data from Canada will be release during the current week. In the low volume environment, the USD/CAD pair is among the few that reached today levels not seen in weeks. 

Technical levels 

To the downside, support levels might lie at 1.3540 (Asian session high), 1.3515/20 (daily low) and 1.3475 (Dec 23 low). On the upside, resistance could be located at 1.3565/70 (daily high), 1.3585/90 (Nov 15 high) and 1.3630.