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USD/CAD drops to hourly 200-MA ahead of OPEC decision

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 4, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The USD/CAD pair weakened moderately to trade around its hourly 200-MA 1.3338 as traders await the OPEC decision.

    CAD to track crude ahead of payrolls figure

    The OPEC is widely expected to keep the output changed. However, there is a slight possibility of Saudi expressing willingness to work with OPEC/non-OPEC members in the future to cut production and support prices. The decision could influence oil prices and impact CAD.

    Later today, the non-farm payrolls could trigger an adjustment in Fed rate hike bets and influence the market’s appetite for the US dollars.

    USD/CAD Technical Levels

    The immediate support is seen at 1.3338 (hourly 200-MA), under which the losses could be extended to 1.33. On the other side, resistance is seen at 1.3352 (hourly 50-MA) and 1.34 (previous day’s high).
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