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USD/CAD fades the spike, back near 1.3070

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    USD/CAD has left behind the bullish attempt to the 1.3140 area following the attacks in Brussels early in the European morning.

    USD/CAD capped by 1.3140

    The pair has quickly returned to levels below the 1.3100 handle after an earlier stab to the 1.3140 region lacked of follow through. Spot keeps the negative ground in spite of the upside momentum surrounding the greenback, retreating for the first time after two consecutive advances.

    CAD remains supported however, despite the barrel of WTI seems to have run out the initial upside momentum, retreating marginally to the $41.40 area at the time of writing.

    USD/CAD significant levels

    As of writing the pair is retreating 0.23% at 1.3070 with the next support at 1.2919 (2016 low Mar.18) followed by 1.2827 (monthly low Oct.15 2015) and then 1.2124 (monthly low Jun.16). On the other hand, a break above 1.3276 (20-day sma) would aim for 1.3346 (200-day sma) and finally 1.3596 (38.2% Fibo of 1.4692-1.2919).
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