USD/CAD eases further to 1.3530, oil firmer

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 29, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    CAD is now gaining further strength vs. its American peer, dragging USD/CAD to test the 1.3540 area once again.

    USD/CAD lower on oil ahead of US data

    The barrel of West Texas Intermediate is testing fresh daily highs in the $33.20 area, lending extra support to the Canadian dollar and collaborating with the pair’s correction lower from earlier peaks near 1.3600 the figure.

    In the data space, Canadian Current Account deficit has come at $15.38 billion during Q4, lower than expected. On the US side, Pending Home Sales and the Chicago PMI are due next.

    USD/CAD significant levels

    As of writing the pair is advancing 0.12% at 1.3531 facing the next hurdle at 1.3657 (100-day sma) ahead of 1.3758 (20-day sma) and then 1.3861 (high Feb.24). On the other hand, a breakdown of 1.3280 (200-day sma) would expose 1.3034 (low Nov.3 2015) and finally 1.2827 (low Oct.15 2015).
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