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USD/CAD keeps highs near 1.3100

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    After climbing as highs as 1.3110 in overnight trading, USD/CAD has surrendered some pips and has returned to the 1.3100 region for the time being.

    USD/CAD focus on UK, CAD releases, oil

    CAD continues to lose traction against a backdrop of declining crude oil prices, with the barrel of West Texas Intermediate coming back to the $35.60 area and thus prompting spot to advance for the second session in a row.

    Next on tap for the pair will be the trade balance figures in both Canada and the US, while the ISM Non-manufacturing and API’s weekly report on stockpiles will also claim attention.

    Additionally, BoC’s Senior Deputy Governor C.Wilkins will speak on ‘China’s Great Transition: What it means for Canada’.

    USD/CAD significant levels

    As of writing the pair is advancing 0.13% at 1.3104 and a breakout of 1.3129 (20-day sma) would open the door to 1.3298 (high Mar.24) and then 1.3384 (200-day sma). On the flip side, the immediate support is located at 1.2858 (2016 low Mar.31) ahead of 1.2827 (monthly low Oct.15 2015) and finally 1.2124 (monthly low Jun.16).
    For more information, read our latest forex news.

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