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USD/CAD eyes 1.4280 on EIA report

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 13, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The Canadian dollar has accelerated its depreciation vs. the greenback today, lifting USD/CAD to test daily tops in the vicinity of 1.4280.

    USD/CAD stronger post-EIA

    CAD met renewed selling pressure after the EIA’s weekly report showed crude oil inventories have increased less than expected by 234K barrels during last week. The gloomy note however has come in from gasoline stockpiles, increasing by 8.438 million barrels vs. an anticipated increase of 2.70 million barrels.

    Spot has gathered further upside pressure in the wake of the release, now trading closer to earlier 13-year tops above 1.4300 the figure.

    USD/CAD significant levels

    At the moment the pair is advacing 0.09% at 1.4271 with the next hurdle at 1.4316 (high Jan.12) followed by 1.4672 (high Apr.24 2003) and then 1.4946 (high Apr.7 2003). On the other hand, a breakdown of 1.3977 (20-day sma) would aim for 1.3793 (low Dec.24) and finally 1.3675 (3-month uptrend).
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