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USD/CAD inching higher, near 1.2900

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 16, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The greenback is now picking up pace vs. its Canadian counterpart on Friday, sending USD/CAD to test fresh peaks near 1.2900 the figure.

    USD/CAD attention to US, CAD data

    The pair is advancing for the second session in a row so far, looking to break above the 1.2900 handle on a more sustainable basis. Recent positive results from US inflation figures have been supporting USD, keeping alive at the same time the ongoing rebound from lows near 1.2830.

    In the meantime, the upside in Canadian dollar has lost important tailwinds as the CAD-US spread continues to shrink and the recovery in crude oil prices seems stalled for the time being.

    Next of relevance will be US Industrial Production and the Reuters/Michigan index. On the Canadian side, Manufacturing Shipments will take centre stage.

    USD/CAD levels to consider

    As of writing, the pair is up 0.25% at 1.2896 with the initial barrier at 1.2924 (100-day sma) followed by 1.3000 (psychological handle) and finally 1.3095 (Fibo 23.6% of 1.1916-1.3458). On the downside, a break below 1.2827 (low Oct.15) would expose 1.2800 (psychological level) and then 1.2687 (50% Fibo of 1.1916-1.3459).
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