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USD/CAD buoyant in the mid-1.3000s

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 21, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The greenback keeps the firm note vs. its Canadian peer on Monday, now taking USD/CAD to the 1.3055/50 band.

    USD/CAD attention to oil, Fedspeak

    Spot has failed to clinch the 1.3100 handle earlier in the session, keeping the trade within a narrow range where the buying interest for the greenback remains intact and crude oil prices are looking to extend their recent rally.

    In the data space, the Chicago Fed National Activity index has disappointed markets during February, while US Existing Home Sales are due next followed by Atlanta Fed’s Lockhart’s speech.

    USD/CAD significant levels

    As of writing the pair is advancing 0.35% at 1.3049 with the next resistance at 1.3306 (20-day sma) ahead of 1.3342 (200-day sma) and then 1.3596 (38.2% Fibo of 1.4692-1.2919). On the other hand, a break below 1.2919 (2016 low Mar.18) would open the door to 1.2827 (monthly low Oct.15 2015) and then 1.2124 (monthly low Jun.16).
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