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USD/CAD climbs to 1-week highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The US dollar is among the best performers on Tuesday while commodity currencies underperform given the moderate risk-off sentiment dominating financial markets.

    USD/CAD
    has extended gains into a fourth day, climbing to a 1-week high of 1.3186 during the European session as oil prices remain depressed. USD/CAD lost some steam ahead of the 1.32 mark and it was last trading at 1.3165, recording a 0.6% advance on Tuesday.

    On the data front, investors will be watching US and Canadian trade data and US non-manufacturing PMIs for March (Markit and ISM). In the afternoon, API will publish its crude oil stock report.

    USD/CAD levels to consider


    As for technical levels, next resistances line up at 1.3200 (psychological level), 1.3215 (Mar 29 high) and 1.3295 (Mar 24 high). On the other hand, supports are seen at 1.3067 (Apr 5 low), 1.3002/00 (Apr 4 low/psychological level). 1.2967 (Apr 1 low) and 1.2856 (Mar 31 low).
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