USD/CAD drops to lows, challenging 1.3100

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The Canadian dollar is now picking up pace vs. its American neighbor, sending USD/CAD to test the 1.3100 key support.

    USD/CAD attention to CAD data

    Bumpy week for the pair so far, which seems to have stabilized within 1.3100 and 1.3200 for the time being, against the backdrop of choppy trade in crude oil prices and uncertainty surrounding the greenback.

    Absent releases in the US docket, Canadian key labour market figures and Housing Starts will take centre stage later in the NA session. Market consensus expects the unemployment rate to have stayed put at 7.3% during March.

    USD/CAD significant levels

    As of writing the pair is losing 0.33% at 1.3104 and a breakdown of 1.2858 (2016 low Mar.31) would expose 1.2827 (monthly low Oct.15 2015) and finally 1.2124 (monthly low Jun.16). On the flip side, the initial up barrier lines up at 1.3290 (23.6% Fibo of 1.4692-1.2858) followed by 1.3390 (200-day sma) and then 1.3500 (55-day sma).
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