USD/CAD comes down to break below 1.3700

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The buying interest around the Canadian dollar is dragging USD/CAD lower today, now testing lows in the 1.3700/1.3690 band.

    USD/CAD lower as oil gathers pace

    The barrel of West Texas Intermediate is trading in multi-day highs at the beginning of the week, lending extra support to CAD and thus relegating spot to put the 1.3700 key support to the test.

    Data wise in the US economy, the Chicago Fed National Activity Index has surprised to the upside today, coming in at 0.28 for the month of January vs. 0.10 expected and December’s -0.34.

    USD/CAD significant levels

    As of writing the pair is down 0.55% at 1.3692 facing the next support at 1.3635 (low Feb.4) ahead of 1.3630 (100-day sma) and finally 1.3248 (200-day sma). On the flip side, a surpass of 1.3872 (20-day sma) would expose 1.3976 (55-day sma) and then 1.4327 (high Jan.26).
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