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USD/CAD dips to lows near 1.3030

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The greenback is sharply lower vs. its Canadian neighbor on Thursday, sending USD/CAD to session lows in the 1.3030 area.

    USD/CAD gains capped near 1.3200

    Spot is now retreating for the second straight session following a failed attempt to break above recent highs around the 1.3200 handle (Tuesday) on a more sustainable fashion.

    Yesterday’s recovery of crude oil prices was further sustained by a drop in crude oil inventories according to the EIA’s report, all giving extra wings to CAD. In addition, the tone of the FOMC minutes on Wednesday was pretty neutral, failing to support the greenback.

    USD/CAD significant levels

    As of writing the pair is losing 0.42% at 1.3037 and a breakdown of 1.2858 (2016 low Mar.31) would aim for 1.2827 (monthly low Oct.15 2015) and finally 1.2124 (monthly low Jun.16). On the flip side, the next up barrier aligns at 1.3118 (20-day sma) followed by 1.3290 (23.6% Fibo of 1.4692-1.2858) and then 1.3386 (200-day sma).
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