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USD/CAD drops to 1.2940 on data, oil soars

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    CAD has recovered the positive territory vs. its American neighbour on Friday, dragging USD/CAD to fresh lows near 1.2940.

    USD/CAD lower on oil, data

    The pair has come under further downside pressure following mixed results from the Canadian docket, where Retail Sales have surprised to the upside, jumping 2.1% on a monthly basis during January.

    Further releases showed inflation figures measured by the CPI coming in below expectations at 1.4% on a year to February, while the Core print rose 1.9% YoY.

    Collaborating with bid tone in CAD, the barrel of WTI is navigating in fresh 2-month highs just above the $41.00 mark ahead of the US oil rig count by Baker Hughes.

    USD/CAD significant levels

    As of writing the pair is down 0.18% at 1.2952 and a break below 1.2938 (2016 low Mar.18) would open the door to 1.2827 (monthly low Oct.15 2015) and then 1.2124 (monthly low Jun.16). On the other hand, the immediate up barrier lines up at 1.3334 (200-day sma) ahead of 1.3355 (23.6% Fibo of 1.4692-1.2941) and then 1.3377 (20-day sma).
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