USD/CAD firmer, 1.38 around the corner

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 14, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The Canadian dollar keeps depreciating vs. the greenback on Monday, now lifting USD/CAD to test fresh cycle tops in the 1.3780 area.

    USD/CAD stronger on oil collapse

    Crude oil prices are deteriorating further today, dragging the barrel of West Texas Intermediate below the $35.00 mark for the first time since 2009, taking a toll on CAD and sending spot to the boundaries of 1.3800 the figure.

    Absent releases in US and Canada today, the next risk events will be tomorrow’s speech by Governor S.Poloz and US inflation figures tracked by the CPI.

    USD/CAD levels to consider

    As of writing, the pair is up 0.10% at 1.3756 and a break above 1.4000 (monthly high May 2004) would expose 1.4195 (monthly high Jul.2003). On the flip side, the next support lines up at 1.3401 (2-month uptrend) ahead of 1.3246 (55-day sma) and then 1.3222 (100-day sma).

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