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USD/CAD drops below 1.3100, EIA eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 23, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The Canadian dollar has regained part of the ground lost to the US dollar today, with USD/CAD returning to the 1.3080/85 band.

    USD/CAD upside capped near 1.3120

    The pair’s upside lost some momentum around 1.3120 in spite of the firm tone surrounding the greenback and the steady march of crude oil prices, with the barrel of West Texas Intermediate hovering below the $41.00 mark so far. Spot is thus managing to recover the upper-1.3000s and revert yesterday’s retracement.

    Ahead in the session, US New Home Sales and the EIA’s weekly report on crude oil inventories will take centre stage

    USD/CAD significant levels

    As of writing the pair is advancing 0.36% at 1.3096 and a break above 1.3277 (20-day sma) would aim for 1.3346 (200-day sma) and finally 1.3596 (38.2% Fibo of 1.4692-1.2919). On the flip side, the initial support lines up at 1.2919 (2016 low Mar.18) followed by 1.2827 (monthly low Oct.15 2015) and then 1.2124 (monthly low Jun.16).
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