USD/CAD in fresh cycle highs around 1.4050

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 6, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The greenback is extending its march north vs. its Canadian peer on Wednesday, lifting USD/CAD to fresh cycle highs in the mid-1.4000s.

    USD/CAD attention to oil, US releases

    The persistent weakness around crude oil prices remains unabated so far, and it is one of the major drivers for the soft tone in the Canadian dollar. In the same direction, the greenback has started the year on a solid note, collaborating with the ongoing rally.

    In the data space, Canadian Trade Balance figures are due later, followed by US ADP report, Factory Orders, Trade Balance and the FOMC minutes, all pointing to further volatility for the pair in the next hours.

    USD/CAD key levels

    At the moment the pair is up 0.44% at 1.4052 facing the next resistance levels at 1.4100 and 1.4200 (psychological handles). On the downside, a breach of 1.3614 (3-month uptrend) would target 1.3494 (55-day sma) and then 1.3353 (100-day sma).
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