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USD/CAD off highs, back near 1.3450

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The greenback is now giving away some gains vs. its Canadian counterpart, taking USD/CAD to the 1.3450 area.

    USD/CAD firmer ahead of ADP

    After a brief test of fresh 3-month troughs around 1.3380 on Tuesday, spot has pulled itself together and managed to regain the 1.3400 handle and beyond, bracing session highs near 1.3470 during the European morning against the backdrop of a softer tone in crude oil prices.

    The USD rally will be put to the test later in the NA session however, as the ADP Employment report is expected to come in at 190K for the month of February.

    USD/CAD significant levels

    As of writing the pair is advancing 0.26% at 1.3450 facing the next resistance at 1.3661 (100-day sma) followed by 1.3735 (20-day sma) and then 1.3957 (55-day sma). On the flip side, a breakdown of 1.3383 (low Mar.1) would open the door to 1.3284 (200-day sma) and finally 1.3034 (low Nov.3 2015).
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