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USD/CAD off highs, back near 1.4030

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The Canadian dollar is now recovering part of the daily drop vs. its American counterpart, with USD/CAD deflating to the 1.4030 area.

    USD/CAD attention to US calendar, WTI

    Spot keeps swaying around the performance of crude oil prices, with the barrel of West Texas Intermediate now intensifying the daily decline to levels below the $33.00 mark.

    In the meantime, the pair is managing to put further distance from the recent area of multi-week lows near the 1.3900 handle ahead of the US data releases due later: ISM Manufacturing, Markit’s PMI and the speech by Fed’s S.Fischer. On the Canadian side, RBC’s manufacturing PMI is expected.

    USD/CAD significant levels

    As of writing the pair is up 0.18% at 1.4032 and a surpass of 1.4230 (20-day sma) would open the door to 1.4327 (high Jan.26) and then 1.4692 (high Jan.20). On the other hand, the immediate support lines up at 1.3866 (3-month uptrend) ahead of 1.3812 (low Jan.4) and finally 1.3543 (100-day sma).
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