USD/CAD choppy around 1.37 ahead of EIA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Up and down it goes! USD/CAD is trading in a choppy fashion today following the erratic performance of crude oil prices.

    USD/CAD focus on oil, EIA

    The Canadian dollar keeps its gains vs. its American counterpart on Thursday, deriving further support from the rebound in crude oil prices, where the barrel of West Texas Intermediate is approaching the $32.00 mark as of writing, up more than 3% for the day.

    Data wise in Canada, Wholesale Sales rose 2% during December, surpassing prior surveys. On the US side, both Initial Claims and the Philly Fed Survey have surprised to the upside, although the pair failed to ignite a noticeable recovery.

    USD/CAD significant levels

    As of writing the pair is down 0.16% at 1.3685 facing the immediate support at 1.3635 (low Feb.4) ahead of 1.3609 (100-day sma) and finally 1.3223 (200-day sma). On the other hand, a break above 1.3931 (20-day sma) would expose 1.4103 (high Feb.3) and then 1.4327 (high Jan.26).
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