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USD/CAD clinches highs near 1.3160

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 3, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The Canadian dollar remains on the defensive vs. its American neighbor on Tuesday, lifting USD/CAD to session peaks near 1.3160.

    USD/CAD firmer ahead of US data

    Spot is advancing for the second consecutive session so far, as the bid tone around USD has given fresh legs to the ongoing bounce off the mid-1.3000s, all despite today’s firmer recovery in crude oil prices, always supportive of CAD.

    Next on tap will be US Factory Orders for the month of September, where prior surveys expect a monthly drop of 0.9% vs. August 1.7% contraction.

    USD/CAD levels to consider

    As of writing, the pair is advancing 0.43% at 1.3156 with the next resistance at 1.3171 (55-day sma) followed by 1.3217 (38.2% Fibo of 1.3459-1.2827) and then 1.3241 (downtrend from 1.3458). On the other hand, a break below 1.3069 (61.8% Fibo of 1.3459-1.2827) would open the door to 1.3040 (100-day sma) and finally 1.2966 (5-month uptrend).
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