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USD/CAD eases from highs near 1.3280

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 24, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The greenback has resumed its advance vs. its Canadian peer today, with USD/CAD testing fresh highs in the 1.3280 area, albeit deflating afterwards.

    USD/CAD attention to oil, US releases

    The pullback in crude oil prices keeps weighing on the Canadian dollar so far, allowing spot to clinch fresh highs near the 1.3300 handle helped at the same time by the solid performance of the US dollar.

    The Canadian docket remains muted today and tomorrow, leaving all the attention to US releases via Initial Claims, Services PMI and Durable Goods Orders (today), while Q4 GDP figures are expected tomorrow.

    USD/CAD significant levels

    As of writing the pair is advancing 0.39% at 1.3256 and a break above 1.3352 (200-day sma) would expose 1.3596 (38.2% Fibo of 1.4692-1.2919) and then 1.3681 (100-day sma). On the flip side, the initial support lines up at 1.2919 (2016 low Mar.18) followed by 1.2827 (monthly low Oct.15 2015) and then 1.2124 (monthly low Jun.16).
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