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USD/CAD firmer, 1.4600 on sight

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The Canadian dollar is getting hammered today, now pushing USD/CAD to fresh cycle highs in the mid-1.4500s.

    USD/CAD lower on oil slump

    The selling mood around CAD has picked up further speed after the barrel of West Texas Intermediate has broken below the psychological $30.00 mark during the European morning, all following Chinese woes and a generalized risk aversion.

    On the data front, the US docket will take centre stage later, with December’s Retail Sales grabbing all the attention and seconded by Producer Prices, Capacity Utilization, Industrial Production and the Reuters/Michigan index.

    USD/CAD significant levels

    At the moment the pair is advancing 1.06% at 1.4516 with the next hurdle at 1.4600 (psychological level) followed by 1.4672 (high Apr.24 2003) and then 1.4946 (high Apr.7 2003). On the other hand, a breakdown of 1.4034 (20-day sma) would aim for 1.3793 (low Dec.24) and finally 1.3698 (3-month uptrend).
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