USD/CAD finds support around 1.3680

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The greenback is markedly higher vs. its Canadian peer on Thursday, sending USD/CAD to the upper end of the range near 1.3730.

    USD/CAD attention to oil, US releases

    Spot is extending its consolidative pattern between 1.3600 and 1.3900 seen in recent sessions, today advancing above the 1.3700 handle as the softer tone in crude oil prices keep weighing on CAD.

    Apart from crude oil dynamics, the US docket will take centre stage later today, with Initial Claims, Durable Goods Orders and speeches by Fed’s Lockhart and Williams all due in the NA session.

    USD/CAD significant levels

    As of writing the pair is up 0.32% at 1.3732 and a surpass of 1.3835 (20-day sma) would expose 1.3979 (55-day sma) and then 1.4103 (high Feb.3). On the other hand, the next support lines up at 1.3635 (low Feb.4) ahead of 1.3643 (100-day sma) and finally 1.3263 (200-day sma).
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