1. Hello Guest Do you know binary.com offers exclusive $20 No Deposit Bonus for FX Binary Point visitors? Click here to sign up

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

    Joined:
    Oct 7, 2015
    Messages:
    27,524
    Likes Received:
    0
    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).
    For more information, read our latest forex news.
     

Share This Page