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USD/CAD drops below 1.4100 ahead of FOMC

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 27, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - USD/CAD has now resumed its downside, quickly breaking below the key support at 1.4100 and posting fresh session lows at the same time.

    USD/CAD lower on oil, attention to FOMC, EIA

    The pair is posting losses for the second session in a row today, rapidly leaving behind the key support at 1.4100 and on its way to challenge 3-week lows in the 1.4040 area.

    CAD is trading on a firmer footing today despite crude oil prices are heading south, with the barrel of WTI currently down nearly 3% around $30.50 and focused on the EIA’s weekly report on inventories due later.

    Ahead in the NA session, the greenback will be under scrutiny in light of the release of US New Home Sales (500K exp.), followed by the more relevant FOMC meeting.

    USD/CAD significant levels

    As of writing the pair is down 0.11% at 1.4059 with the next support at 1.4041 (low Jan.26) ahead of 1.3837 (3-month uptrend) and finally 1.3514 (100-day sma). On the other hand, a surpass of 1.4215 (20-day sma) would open the door to 1.4327 (high Jan.26) and then 1.4554 (high Jan.15).

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