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USD/CAD finds some support at 1.3660, oil focused

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The Canadian dollar is trading on a firmer footing vs. its American neighbor today, with USD/CAD hovering over the 1.3670 area.

    USD/CAD focus on oil, EIA

    The pair is navigating its fifth consecutive week with losses so far, with CAD deriving increasing support from the recent strong rebound in crude oil prices. It is worth noting that the barrel of West Texas Intermediate posted multi-day highs in the $31.70 area yesterday, following the developments from the Iran-OPEC meeting.

    In the meantime, and absent releases in Canada, crude oil dynamics will continue to rule the sentiment around CAD along with today’s data in the US docket and the EIA’s weekly report on crude oil inventories.

    USD/CAD significant levels

    As of writing the pair is down 0.27% at 1.3671 facing the immediate support at 1.3635 (low Feb.4) ahead of 1.3609 (100-day sma) and finally 1.3223 (200-day sma). On the other hand, a break above 1.3931 (20-day sma) would expose 1.4103 (high Feb.3) and then 1.4327 (high Jan.26).
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