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USD/CAD deflates to lows near 1.3020

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 8, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The greenback remains on the back footing vs. its Canadian neighbor on Thursday, dragging USD/CAD to daily lows around 1.3020.

    USD/CAD looks to FOMC minutes

    The pair is fading yesterday’s advance to the 1.3070 area after finding support around the 1.2970 region, where sits the 100-day sma. The Canadian dollar has been supported by the recovery in crude oil prices as of late, prompting spot to extend the leg lower after September’s fresh cycle highs near 1.3460.

    Ahead in the session, Canadian Housing Starts are due followed by the weekly report on the US labour market. Later on, the FOMC minutes will take centre stage along with speeches by Bullard, Kocherlakota and Williams.

    USD/CAD levels to consider

    As of writing, the pair is losing 0.30% at 1.3038 and a breach of 1.2972 (100-d sma) would aim for 1.2952 (low Aug.12) and then 1.2861 (low Jul.29). On the other hand, the initial hurdle aligns at 1.3134 (high Oct.6) followed by 1.3198 (55-d sma) and finally 1.3310 (high Oct.1).
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