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USD/CAD attempts to regain 1.3700 as USD takes a breather

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The US dollar is taking a breather from the massive sell-off suffered over the last sessions, having found an interim support against the loonie.

    extended its decline on Thursday and bottomed out at a 2-month low of 1.3638 before steading in a range just above, where it has spent the last hours. At time of writing, USD/CAD is trading at 1.3695, still down 0.62% on the day.

    USD/CAD reversed completely its 2016 gains, and broke below 1.3700 on Thursday as the US dollar continues to weaken across the board and the loonie benefited from a recovery in oil prices. Now, main attention turns to Canada’s and US employment data to be released on Friday.

    USD/CAD levels to watch

    As for technical levels, next supports are seen at 1.3622 (Dec 11 low), 1.3600 (psychological level) and 1.3540 (100-day SMA). On the other hand, resistances line up at 1.3796 (Feb 4 high), 1.3897 (50-day SMA) and 1.4012 (10-day SMA).
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