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USD/CAD advances through 1.3100

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The greenback is prolonging its upside vs. its Canadian peer today, lifting USD/CAD to the area of session tops above the 1.3100 handle.

    USD/CAD firmer ahead of Yellen

    The pair has regained the upbeat sentiment today in response to a better tone in the greenback, which seems to have already digested yesterday’s neutral tone from the FOMC minutes.

    In addition, the barrel of West Texas Intermediate is extending its daily correction lower after climbing to session highs in the $38.30 in early trade, all removing some tailwinds from CAD.

    In the data space, Canadian Building Permits have surpassed expectations in February, advancing 15.5%. Back to the US, Initial Claims have come in at 267K, taking the 4-Week Average to 266K vs. 263K from the previous week.

    USD/CAD significant levels

    As of writing the pair is advancing 0.33% at 1.3135 and a breakout of 1.3290 (23.6% Fibo of 1.4692-1.2858) would aim for 1.3386 (200-day sma) and then 1.3518 (200-day sma). On the flip side, the next support lines up at 1.2858 (2016 low Mar.31) followed by 1.2827 (monthly low Oct.15 2015) and finally 1.2124 (monthly low Jun.16).
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