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USD/CAD clings to 1.3000, torn between oil prices and US data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 14, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - USD/CAD continues to hover around the 1.3000 mark, unable to set short-term direction as the fall in oil prices weighing on the loonie, was offset by USD own weakness on the back of disappointing US data.

    USD/CAD has oscillated within a quite narrow range over the last hours, with the upside capped by the 1.3020 zone and the downside contained by 1.2960. Still the pair is trading at 1.2985, a tad lower on Wednesday, after two consecutive daily gains.

    USD/CAD levels to watch

    On the downside, immediate supports could be found at 1.2960 (Oct 14 low), the 1.2906/00 (100-day SMA/Oct 12 low/psychological level) and then 1.2860 (Jul 28 low). On the other hand, resistances are seen at 1.3059 (10-day SMA), 1.3079 (Oct 13 high) and then 1.3183 (50-day SMA/50% fibo retracement of 1.3456/1.2900).
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