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USD/CAD finds support near 1.3850

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 9, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The Canadian dollar keeps its buoyant tone today, with USD/CAD bouncing off the mid-1.3800s.

    USD/CAD attention to oil

    The erratic mood surrounding crude oil prices is echoing in today’s performance of the Canadian dollar, taking the pair to trade in a choppy fashion between 1.3850 and 1.3950 ahead of the opening bell in Wall St.

    On the US data front, NFIB’s Business Optimism index has come in below estimates ahead of Wholesale Inventories and the weekly report on crude oil stockpiles by the API.

    USD/CAD significant levels

    As of writing the pair is down 0.29% at 1.3895 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 1.4130 (20-day sma) and then 1.4327 (high Jan.26).
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