USD/CAD catching its breath, retakes 1.3600

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The Canadian dollar remains on the back footing vs. its American peer on Wednesday, lifting USD/CAD to the 1.3600 neighbourhood.

    USD/CAD focus on oil

    After posting fresh cycle highs around 1.3620 on Tuesday, spot has given away some ground although decent support has emerged in the mid-1.3500s so far.

    The performance of crude oil prices and their persistent decline continue to be the main driver around CAD along with expectations of a Fed’s lift-off next week, all collaborating with more than 11-year highs in the pair.

    Absent releases in Canada and US, the weekly report on crude oil inventories by the EIA will take centre stage later in the NA session.

    USD/CAD levels to consider

    As of writing, the pair is advancing 0.06% at 1.3596 with the initial hurdle at 1.3621 (2015 high Dec.3) followed by 1.3400 (psychological level). On the downside, a drop below 1.3221 (55-day sma) would expose 1.3195 (100-day sma) and then 1.3157 (7-month uptrend).

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