USD/CAD a tad weaker, consolidating around 1.3900

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The Canadian dollar is posting meagre gains vs. its American neighbour today, with USD/CAD navigating the low-1.3900s for the time being.

    USD/CAD attention to oil, US data

    Spot is prolonging its weekly upside despite today’s correction lower, all bolstered by a continuation of the rout in crude oil prices, although the barrel of West Texas Intermediate is currently posting a strong advance to levels above the $27.00 handle.

    In another direction, USD will take centre stage later today in light of the release of US Retail Sales seconded by the Consumer Sentiment gauge tracked by the Reuters/Michigan index.

    USD/CAD significant levels

    As of writing the pair is down 0.04% at 1.3914 with the next support at 1.3635 (low Feb.4) ahead of 1.3593 (100-day sma) and finally 1.3189 (200-day sma). On the upside, a surpass of 1.4077 (20-day sma) would expose 1.4103 (high Feb.3) and then 1.4327 (high Jan.26).
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