USD/CAD choppy around 1.3300

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 20, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - After an ephemeral test of daily troughs near 1.3270, USD/CAD is now on hovering over the 1.3300 mark.

    USD/CAD lower on data, oil

    Auspicious results from inflation figures in the Canadian economy have boosted the demand for CAD, reverting the initial weakness amidst a persistent buying interest around USD.

    Collaborating with the firmer tone in CAD, crude oil prices are now trading on a firmer footing ahead of the US oil rig count data.

    USD/CAD levels to consider

    As of writing, the pair is down 0.01% at 1.3296 with the next support at 1.3217 (38.2% Fibo of 1.3459-1.2827) ahead of 1.3187 (55-day sma) and then 1.3127 (100-day sma). On the other hand, a breakout of 1.3373 (high Nov.16) would aim for 1.3400 (psychological level) and then 1.3458 (2015 high Sep.29).
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