USD/CAD consolidates around 1.3140

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 30, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The greenback remains on the back footing vs. its Canadian counterpart at the end of the week, with USD/CAD hovering over the 1.3140/45 band so far.

    USD/CAD attention to GDP figures

    The pair has practically retraced the FOMC-led spike to the mid-1.3200s on Wednesday, backed by the solid recovery of crude oil prices, which in turn continues to lend support to CAD.

    Next of relevance in the pair will be the Canadian GDP figures during August, while PCE, Personal Income/Spending and the Employment Cost Index (ECI) will take centre stage in the US docket.

    USD/CAD levels to consider

    As of writing, the pair is retreating 0.15% at 1.3150 and a breach of 1.3069 (61.8% Fibo of 1.3459-1.2827) would open the door to 1.3015 (100-day sma) and finally 1.2941 (5-month uptrend). On the other hand, the immediate hurdle aligns at 1.3310 (23.6% Fibo of 1.3459-1.2827) ahead of 1.3400 (psychological handle) and then 1.3459 (high Sep.29).
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