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USD/CAD finds bids above 1.2900

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The greenback is now trading on a firmer note vs. its Canadian peer on Tuesday, taking USD/CAD back above the 1.2900 barrier.

    USD/CAD attention to oil, Fedspeak

    Yesterday’s recovery of crude oil prices has lent extra support to CAD, dragging the pair to test the area below the 1.2900 key support against the backdrop of a generalized selling mood around the greenback.

    Apart from crude oil dynamics, today’s speeches by Fed’s Lacker, Williams and Harker will set the tone for USD, along with Export/Import Prices and the API’s weekly report on US crude stockpiles.

    USD/CAD significant levels

    As of writing the pair is advancing 0.13 % at 1.2913 and a breakout of 1.3067 (20-day sma) would aim for 1.3290 (23.6% Fibo of 1.4692-1.2858) and then 1.3393 (200-day sma). On the flip side, the immediate support aligns at 1.2858 (2016 low Mar.31) followed by 1.2827 (monthly low Oct.15 2015) and finally 1.2124 (monthly low Jun.16).
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