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USD/CAD ignores ADP, breaks below 1.3900

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The greenback is nose-diving across the board, now dragging USD/CAD to sub0-1.3900 levels, or session lows.

    USD/CAD bypassed ADP, Dudley weighs

    The US Dollar has accelerated its leg lower despite the ADP report showed the US private sector has created 205K jobs during January, surpassing expectations albeit lower than December’s 267K (revised up from 257K).

    The pair has paid little attention to the auspicious results however, more focused on the dovish comments by New York Fed’s Dudley, who stressed that ‘continued financial tightening would weigh on FOMC’.

    USD/CAD significant levels

    As of writing the pair is losing 1.04% at 1.3879 facing the next support at 1.3861 (55-day sma) ahead of 1.3812 (low Jan.4) and finally 1.3553 (100-day sma). On the other hand, a surpass of 1.4230 (20-day sma) would open the door to 1.4327 (high Jan.26) and then 1.4692 (high Jan.20).

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