USD/CAD off highs, back to 1.3020

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The Canadian dollar is fading part of the recent advance vs. its American counterpart on Friday, with USD/CAD hovering over 1.3015/20.

    USD/CAD focus on oil, risk

    Spot has managed to retake the psychological 1.3000 handle today, following some softness in crude oil prices. Recall that the barrel of West Texas Intermediate clinched highs above the $40.00 mark yesterday, albeit losing running out of steam afterwards.

    On the USD-side, the greenback is gaining some ground after the recent sell off exacerbated after the dovish FOMC meeting last Wednesday.

    Data wise, the advanced Reuter/Michigan index is expected to tick higher to 92.2 for the current month, while Canadian inflation figures tracked by the CPI and Retail Sales will also be in the limelight.

    USD/CAD significant levels

    As of writing the pair is advancing 0.29% at 1.3016 with the next resistance at 1.3334 (200-day sma) ahead of 1.3355 (23.6% Fibo of 1.4692-1.2941) and then 1.3377 (20-day sma). On the other hand, a break below 1.2941 (2016 low Mar.17) would open the door to 1.2827 (monthly low Oct.15 2015) and then 1.2124 (monthly low Jun.16).
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