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

    Oct 7, 2015
    Likes Received:
    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).
    For more information, read our latest forex news.

Share This Page

free forex signals