USD/CAD eyes 1.3450 on US data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The greenback is appreciating further vs. its Canadian peer on Thursday, now lifting USD/CAD to the area of daily peaks around 1.3450.

    USD/CAD stronger on oil drop

    The now softer tone in crude oil prices are hurting the Canadian dollar and collaborating with the pair’s upside to the mid-1.3400s, or session highs. In the US data space, Initial Claims have come in at 274K during last week, missing expectations and taking the 4-Week average to 270K.

    Further data saw Non-farm Productivity contracting less than forecasted 2.2% in Q4, while Unit Labour Costs has expanded 3.3% QoQ during the same period.

    Next of relevance for the pair will be Factory Orders and ISM Non manufacturing for the month of February.

    USD/CAD significant levels

    As of writing the pair is advancing 0.12% at 1.3443 facing the next resistance at 1.3666 (100-day sma) followed by 1.3716 (20-day sma) and then 1.3861 (high Feb.24). On the flip side, a breakdown of 1.3383 (low Mar.1) would open the door to 1.3289 (200-day sma) and finally 1.3034 (low Nov.3 2015).
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