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USD/CAD advances beyond 1.3300, session highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The now softer tone around the Canadian dollar is lifting USD/CAD to session highs above the key barrier at 1.3300 the figure.

    USD/CAD stronger on oil drop

    CAD’s upside is losing further momentum today following a deeper retracement of crude oil prices, with the barrel of West Texas Intermediate now hovering over multi-day lows in the mid-$36.00s.

    In the meantime, USD keep its recovery alive following the sharp sell off post-ECB and ahead of February’s Retail Sales, due later in the NA session and with consensus expecting a monthly contraction of 0.2%.

    USD/CAD significant levels

    As of writing the pair is gaining 0.53% at 1.3332 and a breakout of 1.3479 (20-day sma) would aim for 1.3683 (100-day sma) and then 1.3861 (high Feb.24). On the flip side, the immediate support aligns at 1.3259 (2016 low Mar.7) ahead of 1.3034 (low Nov.3 2015) and finally 1.3000 (psychological level).
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