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USD/CAD in highs through 1.3300

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 12, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The greenback keeps pushing higher vs. its Canadian peer today, now lifting USD/CAD beyond the 1.3300 handle.

    USD/CAD stronger ahead of US data, Fedspeak

    The pair is challenging weekly highs above 1.3300 the figure backed by a better tone around the dollar and increasing selling interest in CAD following another drop in crude oil prices.

    The current upbeat momentum in USD will be put to the test later however, as US Initial Claims are due, ahead of speeches by Fed’s Yellen, Dudley, Lacker, Fischer and Bullard.

    USD/CAD levels to consider

    As of writing, the pair is up 0.33% at 1.3309 with the next hurdle at 1.3317 (high Nov.6) ahead of 1.3355 (high Aug.25) and then 1.3458 (high Sep.29). On the flip side, a break below 1.3182 (55-day sma) would open the door to 1.3069 (61.8% Fibo of 1.3459-1.2827) and finally 1.2996 (5-month uptrend).
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