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USD/CAD hits fresh 2016 lows sub-1.3800

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - USD/CAD has completely retraced its 2016 rally and is trading at fresh year-to-date lows, as the US dollar continues plummeting across the board, while the loonie gained some support from higher oil prices.

    After being rejected from 1.4100, USD/CAD started to fall and it has lost more than 300 pips throughout the day, leaving several support levels behind, to hit a low of 1.3783 in recent dealings. At time of writing, the pair is trading at 1.3787, recording a 1.9% loss on the day.

    The US dollar can't catch a breather from a massive sell-off that started with the New York session. Dovish comments from Fed’s Dudley coupled with disappointing US ISM services PMI fueled the decline.

    USD/CAD levels to watch

    As for technical levels, next supports are seen at 1.3777 (Dec 17 low) and 1.3727 (Dec 16 low). On the other hand, resistances line up at 1.3907 (Feb 1 low), 1.4075 (10-day SMA) and 1.4100 (Feb 3 high/psychological level).
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