USD/CAD extends losses, fresh 3-month lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    USD/CAD turned lower and fell sharply to fresh 3-month lows as the greenback weakened across the board as investors realized that despite the US NFP headline was strong, earnings data was disappointing.

    USD/CAD initially moved up and peaked at 1.3470 but then turned around, falling all the way to 1.3329, its lowest since December, with the loonie shrugging off a below expectations Ivey PMI. At time of writing, the pair is trading at 1.3335, down 0.5% on the day.

    USD/CAD significant levels

    As for technical levels, next supports are seen at 1.3278 (200-day SMA) and 1.3245 (Nov 19 low). On the flip side, immediate resistances could be faced at 1.3470/72 (Mar 3 & 4 highs), 1.3534 (10-day SMA) and 1.3650 (100-day SMA).
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