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USD/CAD keeps highs near 1.3350

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 18, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The Canadian dollar remains on the defensive vs. its American neighbor on Wednesday, pushing USD/CAD to daily peaks in the 1.3350 area.

    USD/CAD firmer on mixed US data, FOMC eyed

    The pair’s upside remains unabated so far despite the mixed results from the US housing sector, where Building Permits have expanded 4.1% from September to October while Housing Starts have contracted 11.0% during the same period.

    Next of relevance for the pair will be the weekly report on crude oil inventories tracked by the EIA, followed by key FOMC minutes.

    USD/CAD levels to consider

    As of writing, the pair is up 0.21% at 1.3339 and a breakout of 1.3360 (downtrend from 1.3458) would open the door to 1.3373 (high Nov.16) and then 1.3458 (2015 high Sep.29). On the flip side, the next support aligns at 1.3217 (38.2% Fibo of 1.3459-1.2827) ahead of 1.3187 (55-day sma) and then 1.3114 (100-day sma).
    For more information, read our latest forex news.
     

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