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USD/CAD keeps lows near 1.2800

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    After a failed attempt to break above the 1.2900 handle on Thursday, USD/CAD has resumed its down move and is now testing lows near 1.2800 the figure.

    USD/CAD focus on oil, data

    CAD has managed to regain the upside momentum vs. its American neighbor this week, forcing spot to retreat from recent April tops around the 1.3200 mark to post fresh 2016 lows near 1.2740 yesterday. The move was accompanied by a recovery of crude oil prices, driving the barrel of West Texas Intermediate back above the $41.00 mark.

    Ahead in the session, US Industrial Production, Capacity Utilization and the Reuters/Michigan index are all due, while Manufacturing Sales are also expected in Canada.

    Moving forward, the meeting between OPEC and non-OPEC oil producers in Doha on Sunday will keep traders vigilant.

    USD/CAD significant levels

    As of writing the pair is losing 0.23% at 1.2814 and a breakdown of 1.2744 (2016 low Apr.13) would expose 1.2652 (low Jul.10 2015) and finally 1.2124 (monthly low Jun.24 2015). On the flip side, the next up barrier aligns at 1.3036 (20-day sma) followed by 1.3208 (23.6% Fibo of 1.4692-1.2750) and then 1.3219 (high Apr.5).
    For more information, read our latest forex news.

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