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USD/CAD challenges 1.3300

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 18, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The softer tone in the greenback is now dragging USD/CAD to fresh lows in the 1.3300 neighbourhood.

    USD/CAD attention to FOMC minutes

    The pair remains in a corrective mode after hitting fresh multi-week highs near 1.3370 on Monday, although sellers remain unable to breach the 1.3300 handle on a more convincing way.

    In the meantime, today’s FOMC minutes will put the recent USD rally to the test, while market participants expects the Committee to confirm its prospects of a rate hike in the next month.

    USD/CAD levels to consider

    As of writing, the pair is down 0.07% at 1.3301 with the next support at 1.3217 (38.2% Fibo of 1.3459-1.2827) ahead of 1.3187 (55-day sma) and then 1.3114 (100-day sma). On the other hand, a breakout of 1.3360 (downtrend from 1.3458) would open the door to 1.3373 (high Nov.16) and then 1.3458 (2015 high Sep.29).
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