USD/CAD in fresh highs through 1.3500

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 7, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The weakness around CAD remains unabated today, with USD/CAD in fresh cycle highs beyond the 1.3500 handle.

    USD/CAD above 1.35 on oil slump

    The pair is advancing for the third consecutive session so far, trading in levels last seen in June 2004 around 1.3510. The Canadian dollar accelerates its depreciation following today’s collapse in crude oil prices, navigating in multi-year lows at the time of writing.

    Data wise in the US docket, the Fed’s Labor Market Conditions Index has dropped to 0.5 for the month of November from October’s 2.2 (revised from 1.6). Next on tap will be the speech by St. Louis Fed’s J.Bullard.

    USD/CAD levels to consider

    As of writing, the pair is advancing 0.94% at 1.3505 with the initial hurdle at 1.3600 (psychological level). On the downside, a drop below 1.3217 (38.2% Fibo of 1.3459-1.2827) would expose 1.3187 (100-day sma) and then 1.3069 (61.8% Fibo of 1.3459-1.2827).
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