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USD/CAD flirting with highs near 1.4140

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 27, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The Canadian dollar is now giving away part of the recent strong gains vs. its neighbor, pushing USD/CAD to the area of 1.4140, or daily highs.

    USD/CAD focus on Fed, oil

    Crude oil prices have been the almost exclusive driver behind the pair’s price action in the last months, prompting spot to quickly clinch fresh cycle highs in levels just shy of 1.4700 the figure days ago, just to drop to the sub-1.4100 area yesterday.

    Absent releases in Canada and apart from the performance of the West Texas Intermediate, the FOMC meeting will take centre stage later in the NA session, followed in relevance by New Home Sales and the EIA weekly report on crude oil inventories.

    USD/CAD significant levels

    As of writing the pair is up 0.39% at 1.4131 with the next resistance at 1.4215 (20-day sma) followed by 1.4327 (high Jan.26) and then 1.4554 (high Jan.15). On the other hand, a break below 1.4041 (low Jan.26) would aim for 1.3837 (3-month uptrend) and finally 1.3514 (100-day sma).

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