USD/CAD fails to hold above 1.4000

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    USD/CAD has been oscillating in a wide range over the last hours, after hitting an 8-day high above 1.4000.

    USD/CAD has been slowly moving higher during the last few days, after the pair fell to a fresh 2016 low last week as the loonie benefited from an upward leg in oil prices. Then, USD/CAD turned higher and has climbed more than 300 pips ever since bottoming out at 1.3638. However, the pair has failed to hold above 1.4000 and it was last trading at 1.3965, recording a 0.29% daily gain on Thursday.

    On the data front, new housing price index for Canada rose 0.1% in December and 1.6% YoY, just below market’s expectations. Meanwhile in the US, jobless claims dropped to 269,000 last week, marking the lowest level in two months.

    USD/CAD levels to watch

    In terms of technical levels, next resistances line up 1.4012 (Feb 11 high), 1.4109 (20-day SMA) and 1.4155 (Jan 27 high). On the other hand, supports could be found at 1.3820 (Feb 10 low), 1.3785 (Feb 9 low) and 1.3709 (Feb 5 low).
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