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USD/CAD drops to lows near 1.2950

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 31, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The greenback is extending its downbeat momentum today, now dragging USD/CAD to test daily lows near 1.2950.

    USD/CAD focus on US, CAD data

    The pair keeps the bearish note this week, trading at shouting distance from yesterday’s multi-month lows in the 1.2910 area and against a backdrop of a persistent selling interest hitting the US dollar.

    Spot will remain under vigilance ahead in the day in light of the GDP figures in Canada, while the US docket includes Initial Claims, Chicago PMI and the speeches by Fed members Evans and Dudley.

    USD/CAD significant levels

    As of writing the pair is retreating 0.10% at 1.2951 and a breakdown of 1.2912 (2016 low Mar.30) would open the door to 1.2827 (monthly low Oct.15 2015) and finally 1.2124 (monthly low Jun.16). On the other hand, the next up barrier aligns at 1.3221 (20-day sma) would open the door to 1.3370 (200-day sma) and then 1.3596 (38.2% Fibo of 1.4692-1.2919).

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