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USD/CAD dips below 1.41 on data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The Canadian dollar is now gathering further traction vs. the greenback, sending USD/CAD to fresh lows in the 1.4080 area.

    USD/CAD weaker post-data

    CAD has intensified its upside momentum despite Canadian Housing Starts have missed expectations, coming in at a seasonally adjusted 173K on a year to December vs. forecasts for a 213K gain and November’s 212K (revised).

    In the meantime, CAD continues to ignore a context of stronger US dollar and another drop of crude oil prices.

    Next of relevance will be the BoC’s Business Outlook Survey, whereas the Fed’s Labor Market Conditions Index and the speech by Atlanta Fed D.Lockhart will grab traders’ attention later in the NA session.

    USD/CAD significant levels

    At the moment the pair is down 0.46% at 1.4086 and a breach of 1.3793 (low Dec.24) would open the door to 1.3653 (3-month uptrend) and then 1.3565 (55-day sma). On the flip side, the next resistance aligns at 1.4190 (high Jan.11) ahead of 1.4196 (high Jul.23 2003) and then 1.4672 (high Apr.24 2003).
    For more information, read our latest forex news.
     

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