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USD/CAD clinches highs near 1.3740

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 23, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The Canadian dollar is giving away part of it recent strong gains vs. its neighbour, sending USD/CAD to test highs near 1.3740.

    USD/CAD focus on oil, US data

    The risk-off sentiment keeps dominating the global markets today, forcing crude oil prices to recede from yesterday’s peaks and thus removing an important tailwind for CAD-upside.

    Spot has managed to regain the 1.3700 barrier and beyond after another test of the strong support area in the mid-1.3600s on Monday, all ahead of today’s US S&P/Case-Shiller index, Existing Home Sales and Consumer Confidence.

    USD/CAD significant levels

    As of writing the pair is up 0.08% at 1.3722 and a surpass of 1.3851 (20-day sma) would expose 1.3978 (55-day sma) and then 1.4103 (high Feb.3). On the other hand, the next support lines up at 1.3635 (low Feb.4) ahead of 1.3255 (200-day sma).
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