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USD/CAD in highs beyond 1.3400

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 23, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - USD/CAD is looking to break above the consolidative pattern in the upper-1.3300s, challenging the critical 1.3400 handle.

    USD/CAD looks to US docket, Fed

    The pair is trading in 2-month highs around 1.3400 the figure following the increasing bid tone around the greenback. Positive comments by Fed officials over the weekend have opened the door further for a rate hike in December, always keeping intact the ‘data dependent’ stance.

    Data wise in the US economy, Markit’s Manufacturing PMI, Chicago Fed NAI and Existing Home Sales are all due, ahead of the Fed’s close meeting due in the European evening. On the Canadian side, the BoC’s Review is due tomorrow.

    USD/CAD levels to consider

    As of writing, the pair is advacing 0.45% at 1.3405 with the next resistance at 1.3458 (2015 high Sep.29) ahead of 1.3500 (psychological level). On the slip side, a breakdown of 1.3310 (23.6% Fibo of 1.3459-1.2827) would aim for 1.3192 (55-day sma) and then 1.3141 (100-day sma).
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