USD/CAD breaks below 1.3200

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 29, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The Canadian dollar is now gathering steam vs. the greenback, sending USD/CAD below the key support at 1.3200.

    USD/CAD lower post-US data, oil

    CAD is now trimming losses following the recovery in crude oil prices, prompting the pair to return to sub-1.3200 levels ahead of the speech by Fed’s Lockhart and the results from US Pending Home Sales.

    Data wise in the US calendar, advanced GDP figures showed the economy expanded 1.5% on a yearly basis, a tad lower than expectations at 1.6%, while Initial Claims have came in practically unchanged at 260K during the week ended on October 23rd.

    USD/CAD levels to consider

    As of writing, the pair is gaining 0.05% at 1.3198 facing the next hurdle at 1.3310 (23.6% Fibo of 1.3459-1.2827) ahead of 1.3400 (psychological handle) and then 1.3459 (high Sep.29). On the other hand, a breach of 1.3069 (61.8% Fibo of 1.3459-1.2827) would open the door to 1.3007 (100-day sma) and finally 1.2929 (5-month uptrend).
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