USD/CAD clinches highs near 1.4070

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The selling interest is now gathering traction around CAD, pushing USD/CAD once again towards the area of session highs near 1.4070.

    USD/CAD stronger as oil slumps

    The Canadian dollar is now testing fresh lows vs. its American neighbour as crude oil prices are intensifying its daily losses, with the barrel of West Texas Intermediate navigating daily lows near the $30.00 mark.

    Nothing major expected on the data front, with US IBD/TIPP index due later and ahead of the speech by Fed’s E.George and the release of the weekly report on crude oil stocks by the API.

    USD/CAD significant levels

    As of writing the pair is up 0.97% at 1.4068 and a surpass of 1.4225 (20-day sma) would open the door to 1.4327 (high Jan.26) and then 1.4692 (high Jan.20). On the other hand, the immediate support lines up at 1.3877 (3-month uptrend) ahead of 1.3812 (low Jan.4) and finally 1.3552 (100-day sma).
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