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USD/CAD keeps 1.3350 post-US GDP

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 24, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The Canadian dollar keeps its gains vs. its American neighbour on Tuesday, now taking USD/CAD to the 1.3355/60 band.

    USD/CAD indifferent to US data

    The pair has paid little attention to today’s second revision of the US GDP Annualized, showing the economy has expanded 2.1% on a yearly basis during the third quarter, matching prior surveys.

    Further releases showed the trade deficit eased a tad to $58.41 billion during October vs. $58.63 billion from the previous month.

    Still in the US, next on tap will be the S&P/Case-Shiller index, followed by the Consumer Confidence and the BpC’s Review.

    USD/CAD levels to consider

    As of writing, the pair is retreating 0.09% at 1.3360 and a breakdown of 1.3310 (23.6% Fibo of 1.3459-1.2827) would aim for 1.3192 (55-day sma) and then 1.3135 (100-day sma). On the other hand, the next hurdle lines up at 1.3437 (high Nov.23) ahead of 1.3458 (2015 high Sep.29) and then 1.3500 (psychological level).
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