USD/CAD off highs, back near 1.3100

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 3, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The greenback is now surrendering early gains vs. its Canadian counterpart on Tuesday, sending USD/CAD to the 1.3110 area.

    USD/CAD focus on US releases

    After hitting daily highs in the 1.3130 area backed by the upbeat tone around the dollar, the pair has sparked a correction to the boundaries of the 1.3100 handle ahead of the US docket due later.

    In fact, US Factory Orders are due later, with consensus expecting a monthly drop of 0.9% during September, all ahead of tomorrow’s ADP Report and Yellen’s speech.

    USD/CAD levels to consider

    As of writing, the pair is advancing 0.10% at 1.3113 with the next resistance at 1.3170 (55-day sma) followed by 1.3217 (38.2% Fibo of 1.3459-1.2827) and then 1.3281 (high Oct.28). On the other hand, a break below 1.3069 (61.8% Fibo of 1.3459-1.2827) would open the door to 1.3040 (100-day sma) and finally 1.2966 (5-month uptrend).
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