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USD/CAD drops to lows near 1.3040, API eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The Canadian dollar is now picking up further pace vs. its American neighbour, sending USD/CAD to the area of daily lows near 1.3040.

    USD/CAD gives away gains, focus on API

    The pair is retreating for the first time after two consecutive advances, reverting the focus on the psychological 1.3000 handle after today’s failed bull run to the 1.3140 region, or 3-day tops.

    CAD continues to derive support from the ongoing rally in crude oil prices, where the barrel of WTI trades closer to the $42.00 mark ahead of the API’s weekly report on crude stockpiles due later in the NA session.

    Absent releases in Canada, US Markit’s manufacturing PMI has missed estimates for the current month, while the speech by Chicago Fed C.Evans is next on tap.

    USD/CAD significant levels

    As of writing the pair is retreating 0.43% at 1.3043 with the next support at 1.2919 (2016 low Mar.18) followed by 1.2827 (monthly low Oct.15 2015) and then 1.2124 (monthly low Jun.16). On the other hand, a break above 1.3276 (20-day sma) would aim for 1.3346 (200-day sma) and finally 1.3596 (38.2% Fibo of 1.4692-1.2919).
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