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USD/CAD flirts with highs near 1.3050

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The greenback is posting moderate gains vs. its Canadian neighbor on Friday, taking USD/CAD to the area of daily highs near 1.3050.

    USD/CAD focus on Payrolls

    After bottoming out in fresh multi-month lows in the mid-1.2800s, the pair has managed to pull itself together and retake both 1.29 and 1.30 barriers, advancing to the current proximity of 1.3050.

    Auspicious Canadian GDP figures drove CAD higher on Thursday, although a continuation of the selling mood around crude oil prices has ultimately prevailed and pushed spot higher.

    Ahead in the session, the greenback will take centre stage in light of the release of March’s US Payrolls, with consensus expecting the job creation to have climbed to nearly 200K.

    USD/CAD significant levels

    As of writing the pair is advancing 0.18% at 1.3029 and a breakout of 1.3165 (20-day sma) would open the door to the resistance area at 1.3290/1.3300 (23.6% Fibo of 1.4692-1.2858 and high Mar.24) and then 1.3618 (55-day sma). On the flip side, the immediate support is located at 1.2858 (2016 low Mar.31) ahead of 1.2827 (monthly low Oct.15 2015) and finally 1.2124 (monthly low Jun.16).

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