USD/CAD advances through 1.3100

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 2, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The greenback trades on a firmer footing vs. its Canadian peer on Monday, lifting USD/CAD to fresh daily highs near 1.3120.

    USD/CAD focus on US data

    The pair is recovering part of the sharp sell-off seen last week towards the mid-1.3000s, managing to retake the 1.3100 handle ahead of key releases in the US economy due later.

    In fact, the US manufacturing sector will be under the microscope later on, in light of the ISM PMI and Markit’s PMI. On the Canadian side, the manufacturing PMI tracked by RBC is also due.

    USD/CAD levels to consider

    As of writing, the pair is advancing 0.26% at 1.3114 with the next resistance at 1.3310 (23.6% Fibo of 1.3459-1.2827) ahead of 1.3400 (psychological handle) and then 1.3459 (high Sep.29). On the other hand, a break below 1.3069 (61.8% Fibo of 1.3459-1.2827) would open the door to 1.3032 (100-day sma) and finally 1.2949 (5-month uptrend).
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