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USD/CAD down to challenge 1.4000 once again

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 29, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - After a needle-like upside towards the 1.4100 handle, USD/CAD has quickly lost momentum and is now returning to the 1.4000 neighbourhood.

    USD/CAD losses momentum post-data, oil

    CAD is now gaining further steam following the upbeat tone from the barrel of West Texas Intermediate, which is flirting with the $34.00 mark and trading closer to session highs.

    Data wise, US Q4 GDP showed the economy expanded 0.7% QoQ vs. 0.8% expected, while Canadian GDP rose in line with consensus 0.3% during November, reverting October’s flat reading.

    USD/CAD significant levels

    As of writing the pair is losing 0.36% at 1.3999 facing the next support at 1.3826 (55-day sma) ahead of 1.3812 (low Jan.4) and finally 1.3529 (100-day sma). On the upside, a breakout of 1.4231 (20-day sma) would open the door to 1.4327 (high Jan.26) and then 1.4692 (high Jan.20).
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