USD/CAD keeps the trade above 1.3500

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 8, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The Canadian dollar remains on the back footing vs. its neighbour today, sending USD/CAD to the current 1.3540/35 area.

    USD/CAD firmer on oil collapse

    The persistent decline in crude oil prices have been the exclusive driver behind the selling pressure hitting CAD, and thus lifting the pair to fresh cycle highs in levels last seen in June 2004 near 1.3560.

    Data wise in Canada, Building Permits and Housing Starts are due next ahead of Governor S.Poloz speech, while IBD/TIPP Economic Optimism and JOLTS Job Openings will be in the limelight in the US calendar.

    USD/CAD levels to consider

    As of writing, the pair is advancing 0.19% at 1.3538 with the initial hurdle at 1.3600 (psychological level). On the downside, a drop below 1.3217 (355-day sma) would expose 1.3192 (100-day sma) and then 1.3162 (7-month uptrend).
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