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USD/CAD below 1.3100 on US, CAD data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 4, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The greenback keeps its daily gains vs. its Canadian counterpart on Wednesday, with USD/CAD holding on to the 1.3080 area after data releases.

    USD/CAD remains in the upper-1.30s

    The pair is navigating the upper bound of the range around 1.3080 after the ADP report showed the US private sector has created 182K jobs during the last month, a tad above expectations at 180K.

    Further releases saw the US trade deficit shrinking to $40.8 billion during September, down from August’s $48.0 billion. Back to Canada, the trade deficit has come in at $1.73 billion vs. $1.9 billion forecasted and $2.53 billion previous.

    Despite the upbeat tone in the US dollar, spot still remains below the 1.3100 handle, ahead of US ISM Non-Manufacturing, Markit’s Services PMI and Yellen’s testimony, all due later in the session.

    USD/CAD levels to consider

    As of writing, the pair is advancing 0.17% at 1.3074 with the next resistance at 1.3164 (55-day sma) followed by 1.3217 (38.2% Fibo of 1.3459-1.2827) and then 1.3281 (high Oct.28). On the other hand, a break below 1.2976 (76.4% Fibo of 1.3459-1.2827) would open the door to 1.2965 (5-month uptrend) and finally 1.2827 (low Oct.15).
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