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USD/CAD grinds lower towards 1.3250

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 19, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The greenback is intensifying its weakness vs. its G10 peers on Thursday, dragging USD/CAD to test the mid-1.3200s, or session troughs.

    USD/CAD focus on BoC, US data

    The pair continues to retrace the recent spike to the 1.3370 area, falling for the third consecutive session and returning to the 1.3255/50 band amidst a generalized offered tone around the greenback.

    Next of relevance for the pair will be the weekly report on the US labour market, followed by the Philly Fed survey and speeches by Fed’s Lockhart and Fischer. On the Canadian side, the Autumn Issue of the BoC Review will take centre stage.

    USD/CAD levels to consider

    As of writing, the pair is down 0.45% at 1.3257 with the next support at 1.3217 (38.2% Fibo of 1.3459-1.2827) ahead of 1.3186 (55-day sma) and then 1.3121 (100-day sma). On the other hand, a breakout of 1.3363 (downtrend from 1.3458) would open the door to 1.3373 (high Nov.16) and then 1.3458 (2015 high Sep.29).
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