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).
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