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USD/CAD firmer, closer to 1.4100

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 29, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The greenback is appreciating further vs. its Canadian neighbour at the end of the week, with USD/CAD flirting with highs near 1.4080 ahead of the US GDP.

    USD/CAD attention to US, CAD releases

    Spot has managed to revert yesterday’s multi-week troughs around 1.3940, as the Canadian dollar is shedding part of its recent strong gains following a deceleration of the upside in crude oil prices, the almost exclusive driver behind CAD.

    On another direction, the pair will remain under the microscope in light of the upcoming US GDP during the fourth quarter and November’s GDP in Canada.

    USD/CAD significant levels

    As of writing the pair is advancing 0.22% at 1.4080 and a surpass of 1.4231 (20-day sma) would open the door to 1.4327 (high Jan.26) and then 1.4692 (high Jan.20). On the flip side, the next support lines up at 1.3826 (55-day sma) ahead of 1.3812 (low Jan.4) and finally 1.3529 (100-day sma).
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