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USD/CAD falls further, 1.4000 on sight?

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - CAD is now picking up further pace vs. its American peer on Wednesday, with USD/CAD testing lows near 1.4000 the figure.

    USD/CAD focus on oil, ADP

    Crude oil prices continue their recovery today, with the barrel of WTI now retaking the $30.00 mark and beyond and thus lending extra wings to the Canadian currency.

    Spot keeps fading the spike to the boundaries of the 1.4100 handle recorded in early trade, all ahead of the release of US ADP report for the month of January (195K expected) and the EIA’s crude oil inventories.

    USD/CAD significant levels

    As of writing the pair is losing 0.04% at 1.4019 facing the next support at 1.3890 (3-month uptrend) ahead of 1.3812 (low Jan.4) and finally 1.3553 (100-day sma). On the other hand, a surpass of 1.4230 (20-day sma) would open the door to 1.4327 (high Jan.26) and then 1.4692 (high Jan.20).
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