USD/CAD challenging 1.3500, GDP eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    USD/CAD is now putting the key 1.3500 support to the test once again ahead of key data releases in US and Canada.

    USD/CAD focus on oil, data

    CAD is now deriving further support as crude oil prices are extending their upside momentum, with the barrel of West Texas Intermediate navigating session tops beyond the $34.00 handle.

    A generalized better sentiment surrounding riskier assets are collaborating with the bid tone in CAD, dragging spot to visit the 1.3500 area ahead of Canadian GDP figures and US ISM manufacturing due later in the NA session.

    USD/CAD significant levels

    As of writing the pair is down 0.24% at 1.3498 facing the next support at 1.3285 (200-day sma) followed by 1.3034 (low Nov.3 2015) and then 1.2827 (low Oct.15 2015). On the upside, a surpass of 1.3663 (100-day sma) would aim for 1.3743 (20-day sma) and then 1.4103 (high Feb.3).
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