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USD/CAD drops further, focus on Doha

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The Canadian dollar is gaining further traction on Tuesday, now dragging USD/CAD to print daily lows near 1.3740.

    USD/CAD looks to Doha, oil

    The pair is accelerating its recent break below the 1.3800 key support in response to a solid rebound of crude oil prices, with the barrel of West Texas Intermediate now clinching the $31.00 mark per barrel ahead of the oil producers meeting in Doha.

    In the meantime, spot is trading in 2-week lows in the 1.3745/40 band, so far extending the negative streak to 5 weeks after the rejection from January’s cycle highs near 1.4700 the figure.

    USD/CAD significant levels

    As of writing the pair is losing 0.65% at 1.3743 facing the next support at 1.3711 (100-day sma) ahead of 1.3635 (low Feb.4) and then 1.3536 (9-monthuptrend). On the other hand, a break above 1.3936 (20-day sma) would expose 1.4103 (high Feb.3) and then 1.4327 (high Jan.26).
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