USD/CAD breaks below 1.30, WTI near $41.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The Canadian dollar has now pared part of the initial losses vs. its peer, dragging USD/CAD back to the 1.2980/90 area.

    USD/CAD gives away gains on oil recovery

    CAD is deriving extra support following a bout of buying interest in crude oil prices, with the barrel of West Texas Intermediate advancing near the $41.00 mark, keeping alive the upbeat sentiment.

    In the data space, February’s inflation figures are due later in Canada, followed by US Reuters/Michigan index, speeches by FOMC’s Bullard and Rosengren and the oil rig count by driller Baker Hughes.

    USD/CAD significant levels

    As of writing the pair is advancing 0.14% at 1.2995 with the next resistance at 1.3334 (200-day sma) ahead of 1.3355 (23.6% Fibo of 1.4692-1.2941) and then 1.3377 (20-day sma). On the other hand, a break below 1.2941 (2016 low Mar.17) would open the door to 1.2827 (monthly low Oct.15 2015) and then 1.2124 (monthly low Jun.16).
    For more information, read our latest forex news.

Share This Page

free forex signals