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USD/CAD eases to 1.3140 on US data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 26, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - USD/CAD keeps the narrow range at the beginning of the week, currently testing the 1.3140 area following US releases.

    USD/CAD capped by 1.32

    The renewed offered tone around the greenback is mainly behind today’s decline in the pair, which continues to correct lower after last week’s tops in the 1.3200 neighbourhood following the PBoC move.

    Poor results from the US economy saw New Home Sales dropping to 468K during September vs. August’s 529K and 550K forecasted.

    USD/CAD levels to consider

    As of writing, the pair is retreating 0.17% at 1.3144 with the next support at 1.3069 (61.8% Fibo of 1.3459-1.2827) ahead of 1.3000 (psychological level) and finally 1.2979 (100-day sma). On the upside, a surpass of 1.3217 (38.2% Fibo of 1.3459-1.2827) would aim for 1.3310 (23.6% Fibo of 1.3459-1.2827) and then 1.3459 (high Sep.29).
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