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USD/CAD extends the drop below 1.3000

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The selling pressure around the greenback remains unabated today, now sending USD/CAD to sub-1.3000 levels, or fresh lows.

    USD/CAD lower on USD

    The relentless recovery in crude oil prices are lending extra legs to CAD today, pushing the barrel of WTI to flirt with the critical $40.00 mark. Collaborating with the 5-month decline, the greenback continues to shed ground as markets keep adjusting to yesterday’s dovish FOMC.

    Next of relevance on the Canadian data front will be tomorrow inflation figures measured by the CPI, whereas the weekly report on the labour market and the Philly Fed manufacturing survey will be in the limelight later today in the US calendar.

    USD/CAD significant levels

    As of writing the pair is retreating 0.93% at 1.2975 with the next support at 1.2900 (psychological level) ahead of 1.2827 (monthly low Oct.15 2015). On the other hand, a surpass of 1.3331 (200-day sma) would open the door to 1.3419 (20-day sma) and then 1.3681 (100-day sma).
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