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USD/CAD looks to regain 1.3350

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 24, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The greenback remains on the defensive vs. its Canadian neighbour on Tuesday, dragging USD/CAD to the mid-1.3300s.

    USD/CAD eyes on oil, US releases

    The pair has been deflating from Monday’s tops in the 1.3430 area in response to a softer tone around the US dollar. In addition, the recent recovery in crude oil prices has been lending extra support to the Canadian currency, collaborating further with the correction lower.

    Ahead in the session, another revision of US GDP figures for the third quarter is due, seconded by Consumer Confidence and the S&P/Case-Shiller index. On the Canadian side, the BoC Review is only due.

    USD/CAD levels to consider

    As of writing, the pair is retreating 0.13% at 1.3354 and a breakdown of 1.3310 (23.6% Fibo of 1.3459-1.2827) would aim for 1.3192 (55-day sma) and then 1.3135 (100-day sma). On the other hand, the next hurdle lines up at 1.3437 (high Nov.23) ahead of 1.3458 (2015 high Sep.29) and then 1.3500 (psychological level).
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