USD/CAD fades the spike above 1.3200

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 29, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The greenback attempted a run towards the 1.3210 handle vs. its Canadian peer today, although USD/CAD has quickly retreated to the mid-1.3100s.

    USD/CAD keeps the red ahead of Yellen

    The pair has quickly reversed the jump towards 1.3210 after key US Consumer Confidence tracked by the Conference Board has surpassed expectations for the current month, climbing to 96.2 vs. 94.0 expected and February’s 94.0 (revised higher).

    CAD manages to keep its gains despite the persistent weakness in crude oil prices, with the barrel of West Texas Intermediate losing more than 3% near the $38.00 mark.

    Next of relevance for the pair will be the speech by Chief J.Yellen, with market bets tilted towards a cautious tone.

    USD/CAD significant levels

    As of writing the pair is down 0.19% at 1.3162 facing the next support at 1.2919 (2016 low Mar.18) ahead of 1.2827 (monthly low Oct.15 2015) and finally 1.2124 (monthly low Jun.16). On the flip side, a breakout of 1.3221 (20-day sma) would open the door to 1.3370 (200-day sma) and then 1.3596 (38.2% Fibo of 1.4692-1.2919).
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