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USD/CAD drops further to 1.3680, Poloz eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 15, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The Canadian dollar is appreciating vs. its American neighbour on Tuesday, relegating USD/CAD to trade in the area of session lows near 1.3680.

    USD/CAD attention to US CPI, Poloz

    The greenback remains on the defensive vs. its main rivals today, collaborating with the downside pressure in the pair. In addition, crude oil prices continue to recover from the recent sharp pullback, with the barrel of WTI retaking the $37.00 handle as of writing.

    Ahead in the session, US CPI for the month of November is due followed by the press conference by Governor S.Poloz.

    USD/CAD levels to consider

    As of writing, the pair is retreating 0.44% at 1.3678 with the next support at 1.3408 (2-month uptrend) ahead of 1.3253 (55-day sma) and then 1.3230 (100-day sma). On the other hand, a break above 1.4000 (monthly high May 2004) would expose 1.4195 (monthly high Jul.2003).
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