USD/CAD gearing up for 1.3400

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 30, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The greenback is extending its upside momentum vs. its main rivals at the beginning of the week, lifting USD/CAD to the boundaries of 1.3400 the figure

    USD/CAD focus on US docket

    The bid tone around USD remains unabated on Monday, backed by mounting expectations of a Fed’s lift-off in December and the solid performance of US Treasuries. In addition, month-end flows seem to be benefiting the greenback for the time being.

    In the data space, Canadian Current Account is due for the third quarter, while Pending Home Sales, Chicago PMI and the Dallas Fed Manufacturing Business Index in November are all due in the US calendar.

    USD/CAD levels to consider

    As of writing, the pair is up 0.13% at 1.3388 facing the next resistance at 1.3437 (high Nov.23) ahead of 1.3458 (2015 high Sep.29) and then 1.3500 (psychological level). On the slip side, a break below 1.3217 (38.2% Fibo of 1.3459-1.2827) would aim for 1.3199 (55-day sma) and then 1.3166 (100-day sma).
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