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USD/CAD off highs on Yellen

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 12, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - After hitting fresh highs in the proximity of 1.3350, USD/CAD has now returned to the 1.3320/15 band in response to the speech by J.Yellen.

    USD/CAD firmer on oil, softer on Fed

    Spot left the area of weekly highs after Chairwoman J.Yellen has given no clues regarding the timing of the potential Fed’s lift-off, removing some upside momentum from USD.

    On the other hand, the selling mood remains intact around CAD following another slump in crude oil prices. This time the barrel of West Texas Intermediate is currently losing nearly 2.5% and trading in sub-$42.00 levels.

    USD/CAD levels to consider

    As of writing, the pair is up 0.34% at 1.3312 with the next hurdle at 1.3355 (high Aug.25) ahead of 1.3400 (psychological level) and then 1.3458 (high Sep.29). On the flip side, a break below 1.3182 (55-day sma) would open the door to 1.3069 (61.8% Fibo of 1.3459-1.2827) and finally 1.2996 (5-month uptrend).
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