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USD/CAD around 1.3160 pre-GDP

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 30, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The greenback is regaining traction vs. its American counterpart on Friday, taking USD/CAD back to the 1.3160 area.

    USD/CAD focus on CAD GDP, US data

    The pair is retreating for the second consecutive session so far, following the bid tone around the Canadian dollar which remains backed by the recovery in crude oil prices.

    Later in the session, Canadian GDP figures are due for the month of August, followed US PCE, Employment Cost Index and Personal Income/Spending.

    USD/CAD levels to consider

    As of writing, the pair is losing 0.08% at 1.3160 and a breach of 1.3069 (61.8% Fibo of 1.3459-1.2827) would open the door to 1.3016 (100-day sma) and finally 1.2941 (5-month uptrend). On the flip side, the next up barrier lines up at 1.3217 (38.2% Fibo of 1.3459-1.2827) ahead of 1.3281 (high Oct.28) and then 1.3310 (23.6% Fibo of 1.3459-1.2827).
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