USD/CAD dips to lows near 1.3250

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The Canadian dollar has resumed its upside vs. its neighbor at the end of the week, with USD/CAD grinding lower to the mid-1.3200s.

    USD/CAD attention to oil, CAD data

    The ongoing rally in crude oil prices continues to lend support to CAD, this time dragging spot to the area of 1.3250 as the barrel of West Texas Intermediate eyes the $40.00 mark.

    In addition, the pair has accelerated its downside to levels last seen in November 2015 after the greenback met increasing selling pressure following the ECB meeting on Thursday.

    Ahead in the session, Canadian labour market figures are due. Consensus expects the employment to have increased by 9K and the jobless rate to have remained at 7.2% during February.

    USD/CAD significant levels

    As of writing the pair is retreating 0.66% at 1.3257 and a break below 1.3224 (2016 low Mar.9) would open the door to 1.3034 (low Nov.3 2015) and finally 1.3000 (psychological level). On the other hand, the immediate resistance aligns at 1.3447 (high Mar.9) followed by 1.3536 (20-day sma) and then 1.3681 (100-day sma).
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