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USD/CAD dips further to 1.3720

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The risk appetite is gathering further traction at the beginning of the week, sending USD/CAD to test fresh lows near 1.3720.

    USD/CAD lower on risk, oil

    The stronger performance of crude oil prices has triggered a continuation of the risk-on trade into the European markets on Monday, supporting further the Canadian dollar and forcing spot to give away part of last week’s advance.

    With crude oil dynamics taking centre stage once again, the pair will also focus on US manufacturing PMI gauged by Markit and the Chicago Fed National Activity Index.

    USD/CAD significant levels

    As of writing the pair is down 0.15% at 1.3745 facing the next support at 1.3635 (low Feb.4) ahead of 1.3630 (100-day sma) and finally 1.3248 (200-day sma). On the flip side, a surpass of 1.3872 (20-day sma) would expose 1.3976 (55-day sma) and then 1.4327 (high Jan.26).
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