USD/CAD firmer near 1.3790 ahead of US CPI

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 19, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The now softer tone in crude oil prices are removing a significant support for CAD, sending USD/CAD to fresh highs in the 1.3780/90 band.

    USD/CAD attention to US, CAD CPI

    The pair is intensifying its buying mood today, advancing for the second straight session and extending its rebound from the mid-1.3600s recorded on Thursday.

    In the meantime, the barrel of the West Texas Intermediate is back below the $32.00 handle, collaborating with the selling pressure surrounding the Canadian currency.

    Moving forward, US and Canadian inflation figures will take centre stage later in the NA session, along with Retail Sales in Canada.

    USD/CAD significant levels

    As of writing the pair is up 0.25% at 1.3786 and a surpass of 1.3916 (20-day sma) would expose 1.3968 (55-day sma) and then 1.4327 (high Jan.26). On the other hand, the next support aligns at 1.3635 (low Feb.4) ahead of 1.3616 (100-day sma) and finally 1.3232 (200-day sma).
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