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USD/CAD clinches highs near 1.3460

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The greenback is recovering part of the ground lost to its Canadian peer on Tuesday, now sending USD/CAD to test fresh highs in the mid-1.3400s.

    USD/CAD attention to ADP, EIA

    After a brief adventure to sub-1.3400 levels during yesterday’s session, spot has managed to regain the 1.3400 handle and extend the recovery to the current 1.3450/60 band, all amidst the increasing offered tone around CAD in light of lower crude oil prices.

    Next of relevance for the pair will be February’s ADP Employment report, with prior surveys expecting the US private sector to have added nearly 200K jobs during last month. Later in the NA session, the weekly report on crude oil inventories tracked by the EIA will also be published.

    USD/CAD significant levels

    As of writing the pair is advancing 0.32% at 1.3458 facing the next resistance at 1.3661 (100-day sma) followed by 1.3735 (20-day sma) and then 1.3957 (55-day sma). On the flip side, a breakdown of 1.3383 (low Mar.1) would open the door to 1.3284 (200-day sma) and finally 1.3034 (low Nov.3 2015).
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