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USD/CAD flirting with 1.29 post-data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 16, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - USD/CAD has quickly faded the initial spike to session tops near 1.2930, returning to the boundaries of the key support at 1.2900.

    USD/CAD trims gains on oil recovery

    The pair is fading the earlier advance to the 1.2925/30 band today, after Canadian Manufacturing Shipments have contracted less than expected 0.2% MoM during August.

    Collaborating with the now better tone in CAD, crude oil prices have reverted the negative start and are now back to the positive territory, taking the barrel of West Texas Intermediate to the vicinity of the $47.00 mark.

    Next on tap in the US docket will be Industrial Production, followed by Capacity Utilization and the sentiment index gauged by Reuters/Michigan.

    USD/CAD levels to consider

    As of writing, the pair is up 0.28% at 1.2901 with the initial barrier at 1.3000 (psychological level) followed by 1.3095 (Fibo 23.6% of 1.1916-1.3458) and finally 1.3171 (55-day MA). On the downside, a break below 1.2824 (uptrend from June low) would expose 1.2800 (psychological level) and then 1.2687 (50% Fibo of 1.1916-1.3459).
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