USD/CAD advances through 1.3300

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 25, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The Canadian dollar is surrendering further ground vs. its American neighbor, lifting USD/CAD to fresh tops near 1.3320.

    USD/CAD firmer ahead of US releases

    After yesterday’s deep pullback towards the 1.3280 area, spot has regained the smile and is now advancing to daily highs beyond the 1.3300 handle ahead of the slew of US data.

    In fact, all the attention will be on US Durable Goods Orders and Initial Jobless Claims, seconded by Personal Income/Spending. On the Canadian side, CAD traders will follow the EIA weekly report on crude inventories.

    USD/CAD levels to consider

    As of writing, the pair is up 0.07% at 1.3318 facing the next resistance at 1.3437 (high Nov.23) ahead of 1.3458 (2015 high Sep.29) and then 1.3500 (psychological level). On the slip side, a break below 1.3217 (38.2% Fibo of 1.3459-1.2827) would aim for 1.3192 (55-day sma) and then 1.3140 (100-day sma).
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