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USD/CAD edges lower after US data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 28, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - USD/CAD continues to oscillate around the 1.4100 mark on Thursday after the recent pullbacks were contained by the 1.4025/30 zone, confining the pair to a quieter phase.

    With oil prices on recovery mode, USD/CAD fell sharply this week, retracing more than 61.8% of its 2016 rally, which led the pair to 13-year highs near 1.4700. However, the Canadian dollar failed to drag the price below the 1.4030 area, and it has spent the last sessions in a range. At time of writing, USD/CAD is trading at 1.4072, still down 0.16% on the day.

    The latest string of US data had little impact on the dollar, with USD/CAD edging slightly lower. US durable goods orders dropped 5.1% in december, a steeper decline than the 0.6% expected. Excluding transportation orders fell by 1.2% vs -0.1% expected.

    USD/CAD levels to watch

    As for technical levels, next supports are seen at 1.4027 (Jan 27 low), 1.4000 (psychological level) and 1.3972 (Jan 6 low). On the flip side, immediate resistances could be found at 1.4155 (Jan 27 high), 1.4221 (20-day SMA) and 1.4299/1.4300 (Jan 22 high/psychological level).
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