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USD/CAD flirting with highs near 1.3580

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The greenback is confirming its recovery on Monday, now pushing USD/CAD to session tops in the 1.3580 area.

    USD/CAD attention to oil, US data

    The now softer tone around crude oil prices is driving CAD lower at the beginning of the week, collaborating with the pair’s daily upside although still trading in 2-month lows around the mid-1.3500s.

    Ahead in the session, US Pending Home Sales and the Chicago PM index are due later, whereas second-tier releases are expected in Canada: Current Account and Industrial Product Price.

    USD/CAD significant levels

    As of writing the pair is advancing 0.43% at 1.3573 facing the next hurdle at 1.3657 (100-day sma) ahead of 1.3758 (20-day sma) and then 1.3861 (high Feb.24). On the other hand, a breakdown of 1.3280 (200-day sma) would expose 1.3034 (low Nov.3 2015) and finally 1.2827 (low Oct.15 2015).
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