USD/CAD breaks above 1.3400 as oil plummets

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    USD/CAD rallied to 4-day highs as oil prices plummeted during the American session in a risk-off environment, with US stocks down and Treasuries up.

    USD/CAD climbed more than 100 pips over the last hours and broke above the 1.34 mark to score a high of 1.3410 as WTI rally faltered ahead of $40.00 a barrel and crumbled to $36.60. At time of writing, USD/CAD is trading at 1.3390, up 0.83% on the day.

    Investors will be watching API crude inventories report due later on the session and is expected to show a 3 million barrels build last week.

    USD/CAD technical levels

    In terms of technical levels, USD/CAD could find next resistances at 1.3470/72 (Mar 3 & 4 highs), 1.3490 (10-day SMA) and 1.3653 (100-day SMA). On the other hand, supports are seen at 1.3287 (200-day SMA), 1.3245 (Nov 19 low) and 1.3200 (psychological level).
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