USD/CAD consolidates in the low-1.3400s, Payrolls eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The Canadian dollar is giving away some of its recent gains vs. the greenback, with USD/CAD now meandering a narrow range in the 1.3415/10 region.

    USD/CAD looks to oil, US data

    Crude oil prices are extending the overnight consolidative pattern so far, with the barrel of West Texas Intermediate gyrating around $34.80 and removing some tailwind from CAD.

    After hitting fresh multi-month lows near 1.3360 on Thursday, spot is expected to follow the generalized sideline direction against the backdrop of swelling cautiousness ahead of today’s Non-farm Payrolls.

    USD/CAD significant levels

    As of writing the pair is advancing 0.15% at 1.3417 facing the next resistance at 1.3671 (100-day sma) followed by 1.3861 (high Feb.24) and then 1.3936 (55-day sma). On the flip side, a breakdown of 1.3367 (low Mar.3) would open the door to 1.3294 (200-day sma) and finally 1.3034 (low Nov.3 2015).
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