USD/CAD flat around 1.3240 ahead of US data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The greenback is alternating gains with losses vs. its Canadian peer today, taking USD/CAD to the 1/3240 area.

    USD/CAD looks to US GDP figures

    Spot is on its way to close the first week with gains since mid-January, falling for nine weeks in a row after posting fresh multi-year tops in levels shy of the 1.4700 handle on January 20th.

    The rally in crude oil prices has eased its momentum this week, with the barrel of the West Texas Intermediate closing near $39.50 after Tuesday’s fresh YTD peaks near the $42.00 mark, all removing important tailwind for CAD.

    Ahead in the NA session, US Q4 GDP figures will take centre stage. Consensus sees the US economy to have expanded at an annual pace of 1.0% during Q4 2016.

    USD/CAD significant levels

    As of writing the pair is losing 0.01% at 1.3245 and a break above 1.3357 (200-day sma) would expose 1.3596 (38.2% Fibo of 1.4692-1.2919) and then 1.3680 (100-day sma). On the flip side, the initial support lines up at 1.2919 (2016 low Mar.18) followed by 1.2827 (monthly low Oct.15 2015) and then 1.2124 (monthly low Jun.16).

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