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USD/CAD collapses below 1.4000

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 28, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) -The Canadian dollar is now accelerating its upside vs. its neighbour, quickly sending USD/CAD to sub-1.4000 levels for the first time since early January.

    USD/CAD lower on US data, oil

    USD/CAD has gathered further downside pressure following the strong rebound in crude oil prices, with the barrel of West Texas Intermediate advancing more than 5% and trading in session highs above the $34.00 mark.

    The pair’s decline has also found further oxygen in response to the miserable prints from US Durable Goods Orders, contracting 5% during December.

    USD/CAD significant levels

    As of writing the pair is down 0.95% at 1.3968 with the next support at 1.3847 (3-month uptrend) ahead of 1.3812 (low Jan.4) and finally 1.3522 (100-day sma). On the other hand, a surpass of 1.4225 (20-day sma) would open the door to 1.4327 (high Jan.26) and then 1.4554 (high Jan.15).
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