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USD/CAD deflates from highs, around 1.3050

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 13, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The Canadian dollar is surrendering part of the recent strong advance vs. its American counterpart, taking USD/CAD to the 1.3050/45 band.

    USD/CAD supported around 1.2900

    Spot has been falling uninterruptedly since 11-year tops in the 1.3460 area recorded in late September, as CAD has found strong support in the recovery of crude oil prices and a favourable 2-year CAD-US spread.

    Nothing worth mentioning data wise today, with only the US NFIB Business Optimism index surpassing estimates at 96.1 in September and Fed’s Bullard still considering feasible a Fed’s lift-off by year-end.

    USD/CAD levels to consider

    As of writing, the pair is up 0.46% at 1.3058 with the initial resistance at 1.3095 (Fibo 23.6% of 1.1916-1.3458) followed by 1.3181 (55-day sma) and finally 1.3458 (11-year high Sep.29). On the flip side, a breakdown of 1.2911 (100-day sma) would aim for 1.2900 (low Oct.9) and then 1.2869 (Fibo 38.2% of 1.1916-1.3458).
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