USD/CAD off highs, around 1.3030 ahead of BoC

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The greenback is extending its upside vs. its Canadian counterpart today, sending USD/CAD to the mid-1.3000s.

    USD/CAD attention to the BoC

    The pair is posting gains for the third session in a row today, prolonging the bounce off last week’s multi-month troughs in the 1.2850 area. CAD remains in a soft tone in spite of today’s recovery in the barrel of West Texas Intermediate, currently testing the $37.00 mark.

    Ahead in the session, the BoC will take centre stage, as Governor S.Poloz and Deputy Governor C.Wilkins will give a speech. In the US, Factory Orders are due seconded by the Fed’s LMCI and the speech by Boston Fed’s E.Rosengren.

    USD/CAD significant levels

    As of writing the pair is advancing 0.18% at 1.3034 and a breakout of 1.3134 (20-day sma) would open the door to the resistance area at 1.3290/1.3300 (23.6% Fibo of 1.4692-1.2858 and high Mar.24) and then 1.3561 (55-day sma). On the flip side, the immediate support is located at 1.2858 (2016 low Mar.31) ahead of 1.2827 (monthly low Oct.15 2015) and finally 1.2124 (monthly low Jun.16).
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