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USD/CAD flirting with highs near 1.3860

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 24, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The greenback keeps appreciating vs. its neighbor today, with USD/CAD now returning to the upper band of the range near 1.3860.

    USD/CAD attention to oil, US data

    Spot remains firm on its march north of the 1.3800 handle so far, despite the advanced Markit’s Services PMI in the US economy has dropped below the 50.0 threshold, missing estimates for the current month.

    Still in the US, next of relevance will be New Home Sales, followed by the weekly report on crude oil inventories by the EIA. In Canada, Deputy Governor L.Schembri is due to speak.

    USD/CAD significant levels

    As of writing the pair is up 0.57% at 1.3846 and a surpass of 1.3879 (high Feb.11) would expose 1.3979 (55-day sma) and then 1.4103 (high Feb.3). On the other hand, the next support lines up at 1.3635 (low Feb.4) ahead of 1.3636 (100-day sma) and finally 1.3256 (200-day sma).
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