USD/CAD flirting with highs near 1.3180

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 5, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The greenback is gaining traction vs. its Canadian peer, now lifting USD/CAD to test daily tops in the proximity of 1.3180.

    USD/CAD stronger despite US data

    The pair is ticking higher following the mixed results from the US calendar today. In fact, Initial Claims increased by 16K to 276K in the week ended on October 30 vs. 264K expected, and Unit Labor Costs rose 1.4% during the third quarter, below the 2.3% advance initially estimated. On the bright side, Nonfarm Productivity surpassed consensus advancing 1.6% in Q3.

    Ahead in the session, Fed’s Fischer will give a speech, followed by Canada’s Ivey PMI and Lockhart’s speech.

    USD/CAD levels to consider

    As of writing, the pair is advancing 0.16% at 1.3179 with the next resistance at 1.3222 (downtrend from 1.3459) followed by 1.3310 (23.6% Fibo of 1.3459-1.2827) and then 1.3281 (high Oct.28). On the other hand, a break below 1.3069 (61.8% Fibo of 1.3459-1.2827) would open the door to 1.3055 (100-day sma) and finally 1.2977 (5-month uptrend).
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