USD/CAD challenges lows around 1.3240

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 10, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The Canadian dollar is trading in fresh multi-month tops vs. its American counterpart on Thursday, taking USD/CAD to the 1.3240 area for the time being.

    USD/CAD lower on oil, steady BoC

    Spot is extending its march south today following a buoyant tone around crude oil prices, which at the same time keep underpinning the upbeat sentiment in the risk-associated space.

    CAD has seen its demand intensified as of late, following the decision of the Bank of Canada to keep its monetary policy unchanged at yesterday’s meeting, broadly in line with market expectations.

    Data wise today, US Initial Claims for the week ended on March 4 are due later, while Governor S.Poloz will give introductory remarks at the Canadian Institute for Advanced Research and The Conference Board of Canada.

    USD/CAD significant levels

    As of writing the pair is retreating 0.02% at 1.3248 and a break below 1.3224 (2016 low Mar.9) would open the door to 1.3034 (low Nov.3 2015) and finally 1.2827 (monthly low Oct.15). On the other hand, the immediate resistance aligns at 1.3561 (20-day sma) followed by 1.3679 (100-day sma) and then 1.3861 (high Feb.24).
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