USD/CAD off highs, back near 1.3400

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 9, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    USD/CAD has faded the initial spike to daily peaks in the mid-1.3400s, coming back to challenge the critical support at 1.3400 the figure.

    USD/CAD attention to oil, BoC

    Crude oil prices have abandoned the area of recent highs beyond the $38.00 handle, although they remain in the upper bound of the weekly range near the $37.00 mark, lending support to the Canadian dollar.

    Ahead in the session the BoC will publish its interest rate decision, with consensus expecting no change from the central bank. However, the absence of a press conference or MPR will remove some significance from the event.

    USD/CAD significant levels

    As of writing the pair is retreating 0.14% at 1.3398 and a break below 1.3307 (200-day sma) would open the door to 1.3259 (2016 low Mar.7) and finally 1.3034 (low Nov.3 2015). On the other hand, the immediate resistance aligns at 1.3603 (20-day sma) followed by 1.3679 (100-day sma) and then 1.3861 (high Feb.24).
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