USD/CAD keeps highs near 1.3280

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The greenback is recovering part of its shine vs. its Canadian peer on Monday, lifting USD/CAD to test daily highs near 1.3280.

    USD/CAD rebounds from 1.3210

    Spot has managed to regain the 1.3200 handle after dropping to fresh multi-month lows in sub-1.3200 levels last Friday. A softer tone in crude oil prices – WTI down more than 3% around $37.20 – is hurting CAD at the beginning of the week, collaborating with the pair’s upside.

    Very light docket in Canada during the first half of the week will leave all the attention to tomorrow’s US Retail Sales and Wednesday’s key CPI figures and the FOMC meeting.

    USD/CAD significant levels

    As of writing the pair is advancing 0.36% at 1.3280 facing the next hurdle at 1.3323 (200-day sma) followed by 1.3682 (100-day sma) and finally 1.3860 (55-day sma). On the other hand, a breach of 1.3164 (low Mar.11) would open the door to 1.3034 (low Nov.3 2015) and finally 1.2824 (low Oct.15 2015).
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