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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

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    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).
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