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USD/CAD hovers over 1.3760 on data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 16, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - After testing highs near 1.3780 in early trade, USD/CAD has now deflated to the mid-1.3700s following US, CAD data releases.

    USD/CAD corrects lower post-data, Fed eyed

    The pair eased some pips after US Housing Starts and Building Permits have both surpassed initial estimates during November, expanding to 1.173M and 1.289M, respectively.

    On the Canadian side, international transactions in securities showed foreign investors acquired $22.1 billion of domestic securities during October, the highest level in the last six months.

    Ahead in the session, US Industrial Production, Capacity Utilization and Markit’s Manufacturing PMI are also expected, all preceding the key FOMC meeting.

    USD/CAD levels to consider

    As of writing, the pair is gaining 0.17% at 1.3764 and a break above 1.4000 (monthly high May 2004) would expose 1.4195 (monthly high Jul.2003). On the other hand, the next support lines up at 1.3420 (2-month uptrend) ahead of 1.3255 (55-day sma) and then 1.3231 (100-day sma).
    For more information, read our latest forex news.
     

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