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USD/CAD finds support near 1.3650, US data eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The greenback is extending its offered tone vs. its main rivals on Thursday, now sending USD/CAD to test fresh lows in the 1.3650/40 band.

    USD/CAD in 2-month lows

    The persistent weakness around USD has associated with the recovery in crude oil prices, all resulting in spot breaking below 1.3700 the figure and recording fresh 2-month lows in the vicinity of 1.3640.

    In the meantime, the US calendar will show Initial Claims and December’s Factory Orders later in the NA session, looking to revert the slew of disappointing results seen in the US economy in the last weeks and give

    USD/CAD significant levels


    As of writing the pair is losing 0.41% at 1.3714 facing the next support at 1.3639 (low Feb.4) ahead of 1.3600 (psychological handle) and finally 1.3555 (100-day sma). On the other hand, a surpass of 1.4102 (high Feb.3) would open the door to 1.4196 (20-day sma) and then 1.4327 (high Jan.26).

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