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USD/CAD deflates to 1.3270

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 10, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - After reaching session highs near 1.3290, USD/CAD lost some upside momentum and has returned to the 1.3270 area.

    USD/CAD focus on oil, US data

    A better tone in crude oil prices is lending some support to CAD so far, while upcoming second-tier releases in the US docket seem far from having a significant impact on the greenback ahead of the Veterans Day holiday due tomorrow.

    In the meantime, spot is retreating for the second consecutive session after being rejected from post-Payrolls tops in the 1.3320 region.

    USD/CAD levels to consider

    As of writing, the pair is retreating 0.03% at 1.3275 facing the next support at 1.3176 (55-day sma) followed by 1.3069 (61.8% Fibo of 1.3459-1.2827) and finally 1.2983 (5-month uptrend). On the other hand, a surpass of 1.3317 (high Nov.6) would open the door to 1.3355 (high Aug.25) and then 1.3458 (high Sep.29).
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