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USD/CAD off highs, testing 1.3300 and below

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 20, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The greenback is now easing some ground vs. its Canadian peer, sending USD/CAD to test sub1.3300 levels.

    USD/CAD focus on CAD releases

    After recent tops in the 1.3370 area, spot has been trying to stabilize around the 1.3300 handle, with USD-dynamics and the performance of crude oil prices as the main drivers behind the pair’s price action.

    Key session for the Canadian dollar, as Retail Sales and inflation figures are due later in the NA trading hours. Market consensus sees sales up 0.2% MoM in September, while Core CPI is expected to have advanced at an annual pace of 2.0% during the last month.

    USD/CAD levels to consider

    As of writing, the pair is down 0.05% at 1.3291 with the next support at 1.3217 (38.2% Fibo of 1.3459-1.2827) ahead of 1.3187 (55-day sma) and then 1.3127 (100-day sma). On the other hand, a breakout of 1.3373 (high Nov.16) would aim for 1.3400 (psychological level) and then 1.3458 (2015 high Sep.29).
    For more information, read our latest forex news.
     

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