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USD/CAD flirting with highs near 1.4050

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The Canadian dollar is shedding further ground vs. the greenback today, now lifting USD/CAD to fresh highs near 1.4050.

    USD/CAD focused on oil

    Another soft tone in crude oil prices is adding further selling pressure to CAD and thus collaborating in the pair’s upside to the mid-1.4000s, with the barrel of West Texas Intermediate slipping back below the $31.00 handle at the time of writing.

    The pair is now reverting the initial negative tone seen on Monday, coming up after testing the boundaries of the key support at the 1.3900 handle on poor US releases. Ahead in the NA session, IBD/TIPP index is due ahead of the speech by Fed’s E.George.

    USD/CAD significant levels

    As of writing the pair is up 0.73% at 1.4034 and a surpass of 1.4225 (20-day sma) would open the door to 1.4327 (high Jan.26) and then 1.4692 (high Jan.20). On the other hand, the immediate support lines up at 1.3877 (3-month uptrend) ahead of 1.3812 (low Jan.4) and finally 1.3552 (100-day sma).
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