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USD/CAD hits fresh 3-month lows

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    USD/CAD wavered between small gains and losses throughout the day, tracking oil prices moves, and lastly turned lower during the American afternoon amid broad USD weakness.

    USD/CAD was rejected from the 1.3472 area and dropped more than 100 pips to bottom out at 1.3370 in recent dealings, marking its lowest level in almost three months. At time of writing, the pair is trading at 1.3380, down 0.26% on the day.

    Market focus now turns to US jobs data due tomorrow, which is expected to show the economy added 190K new jobs in February.

    USD/CAD significant levels


    As for technical levels, next supports are seen at 1.3370 (Mar 3 low), 1.3273 (200-day SMA) and 1.3245 (Nov 19 low). On the flip side, immediate resistances could be faced at 1.3472 (Mar 3 high), 1.3575 (10-day SMA) and 1.3645 (100-day SMA).
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