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USD/CAD: Bears are defending 1.30 handle

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 31, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    CAD bulls are working hard amid wobbly oil prices to ensure the USD/CAD pair does not move beyond the psychological level of 1.30.

    Focus on oil

    Dovish comments from Bank of Canada’s (BOC) Patterson could be behind the weakness int the CAD today. The pair is likely to track the movement in the oil prices, which currently trade at least 0.50% lower on the day at both the sides of the Atlantic. Later in the day, US data releases and weekly jobless claims figure could influence the pair.

    The spot dipped to a low of 1.2912 in the NY session yesterday amid broad based USD weakness and strength in oil prices.

    USD/CAD Technical Levels

    The immediate hurdle is noted at 1.30, above which the pair could test 1.3038 (Nov 3 low). Conversely, a break below 1.2948 (daily low) would expose 1.2912 (previous day’s low) – 1.29 handle.
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