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USD/CAD finds bids near 1.3820 ahead of Yellen

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 10, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The Canadian dollar keeps the bullish stance today, with USD/CAD bouncing off session lows near 1.3820 to the current 1.3860/70 band.

    USD/CAD focus on Yellen, oil

    Crude oil prices are alternating gains with losses today, unable to gather further traction after yesterday’s sharp sell-off to sub-$28.00 levels and thus adding downside pressure to the Canadian dollar.

    Ahead in the session, the greenback will take centre stage in light of the semi-annual testimony by Chief Janet Yellen at Capitol Hill. In the opinion of strategists at TD Securities, “We expect Yellen to express concern on the global headwinds in gauging the Fed’s near term monetary policy stance”.

    USD/CAD significant levels

    As of writing the pair is down 0.10% at 1.3863 with the next support at 1.3635 (low Feb.4) ahead of 1.3581 (100-day sma) and finally 1.3170 (200-day sma). On the upside, a surpass of 1.4103 (high Feb.3) would expose 1.4129 (20-day sma) and then 1.4327 (high Jan.26).
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