USD/CAD breaks below 1.3300

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    USD/CAD turned lower and hit fresh daily lows, as the Canadian dollar strengthened in tandem with oil prices, which are pushing to fresh session highs.

    USD/CAD fell nearly 100 pips over the last hours and bottomed out at 1.3289, last seen Nov 27, but stalling a few pips ahead of the 200-day SMA and the 161.8% Fibo projection of its January rally. At time of writing, USD/CAD is trading at 1.3290, down 0.20% on the day.

    From a wider view, the pair continues to pullback from a 13-year high of 1.4689 struck in January, having lost more than 13 cents ever since, helped by a recoveries in oil prices.

    USD/CAD technical levels

    As for technical levels, next supports are seen at 1.3282 (200-day SMA), 1.3245 (Nov 19 low) and 1.3200 (psychological level). On the flip side, immediate resistances could be faced at 1.3376 (Mar 7 high), 1.3470/72 (Mar 3 & 4 highs), 1.3490 (10-day SMA) and 1.3653 (100-day SMA).
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