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USD/CAD finds support near 1.3800

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The Canadian dollar is receding some ground vs. its American neighbour today, now lifting USD/CAD to the area of 1.3840/45.

    USD/CAD bounces off 1.3800

    Spot has found some buying interest at overnight lows near 1.3800 the figure, managing to reclaim the current mid-1.3800s following a solid demand for the greenback and some selling pressure in crude oil prices – the barrel of West Texas Intermediate is off highs around $29.20/10.

    Both Canadian and US markets will be closed today due to Family Day and President’s Day holidays, respectively, leaving the risk appetite trends as the main driver for the pair’s price action.

    USD/CAD significant levels

    As of writing the pair is down 0.23% at 1.3830 facing the next support at 1.3705 (100-day sma) followed by 1.3635 (low Feb.4) and then 1.3380 (200-day sma). On the other hand, a surpass of 1.3956 (20-day sma) would expose 1.4026 (55-day sma) and then 1.4103 (high Feb.3).
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