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USD/CAD challenges 1.3000 ahead of EIA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 30, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The Canadian dollar extends its gains vs. the greenback today, sending USD/CAD to the lower end of the range near the key support at 1.3000 the figure.

    USD/CAD around 1.3000, EIA eyed

    The pair remains entrenched in the negative territory today followed the generalized offered tone around the US dollar, exacerbated after yesterday’s unexpected dovish remarks by Chairwoman Yellen.

    Adding to the downside, the barrel of West Texas Intermediate has recovered the smile today, regaining the $39.00 mark and beyond while at the same time eclipsing the positive result from US ADP (200K act.), all ahead of the EIA’s weekly report on crude oil inventories.

    USD/CAD significant levels

    As of writing the pair is losing 0.47% at 1.3011 and a breakdown of 1.2919 (2016 low Mar.18) would expose 1.2827 (monthly low Oct.15 2015) and finally 1.2124 (monthly low Jun.16). On the flip side, the next hurdle lines up at 1.3204 (20-day sma) followed by 1.3368 (200-day sma) and then 1.3596 (38.2% Fibo of 1.4692-1.2919).

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