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USD/CAD extends the recovery to 1.3820/30

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The Canadian dollar is clinging to its daily gains vs. its American neighbour on Tuesday, now lifting USD/CAD to the 1.3820/30 band.

    USD/CAD rebounds as oil gives way

    The correction lower in crude oil prices remain unabated today, removing support from CAD and thus prompting spot to climb higher, up more than a cent since daily lows in the 1.3700 neighbourhood.

    In the data space, Canadian Manufacturing Shipments expanded 1.2% during December, bettering forecasts. In the US, the Empire State index missed expectations for the current month, dropping to -16.64 vs. -10.0 expected and -19.37 previous. Next on tap will be the NAHB index followed by TIC Flows.

    USD/CAD levels to watch

    As of writing the pair is losing 0.14% at 1.3814 facing the next support at 1.3711 (100-day sma) ahead of 1.3635 (low Feb.4) and then 1.3536 (9-monthuptrend). On the other hand, a break above 1.3936 (20-day sma) would expose 1.4103 (high Feb.3) and then 1.4327 (high Jan.26).
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