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USD/CAD grinds lower near 1.3740, oil eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The Canadian dollar has resumed its upside momentum vs. its American neighbor on Monday, taking USD/CAD to fresh session lows in the 1.3740 area.

    USD/CAD lower on oil strength

    CAD is deriving further support from the upbeat tone surrounding crude oil prices, with the barrel of West Texas Intermediate up around 2% and advancing beyond the $32.00 mark ahead of the European open.

    Spot is thus snapping two consecutive sessions with gains after bouncing off last week’s troughs in the 1.3640 area. Ahead in the day, US Manufacturing PMI by Markit is due seconded by the Chicago Fed National Activity Index.

    USD/CAD significant levels

    As of writing the pair is down 0.14% at 1.3748 facing the next support at 1.3635 (low Feb.4) ahead of 1.3630 (100-day sma) and finally 1.3248 (200-day sma). On the flip side, a surpass of 1.3872 (20-day sma) would expose 1.3976 (55-day sma) and then 1.4327 (high Jan.26).
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