USD/CAD on a better mood, challenges 1.3200

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 29, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The greenback is recovering the smile vs. its Canadian peer on Tuesday, lifting USD/CAD to the boundaries of 1.3200 the figure, or session highs.

    USD/CAD focus on Yellen, oil

    Spot is recovering some ground lost after yesterday’s deep pullback in response to poor results from the US docket. In fact, the selling pressure around the greenback has offset the softer tone in crude oil prices, always a key driver for CAD.

    With the barrel of WTI slightly in the red territory for the time being, markets’ attention will shift to the speech by Chairwoman J.Yellen later in the NA session, with consensus tilted towards a cautious tone amidst recent Fedspeak advocating for a rate hike.

    USD/CAD significant levels

    As of writing the pair is advancing 0.09% at 1.3199 and a breakout of 1.3221 (20-day sma) would open the door to 1.3370 (200-day sma) and then 1.3596 (38.2% Fibo of 1.4692-1.2919). On the flip side, the immediate support is located at 1.2919 (2016 low Mar.18) ahead of 1.2827 (monthly low Oct.15 2015) and finally 1.2124 (monthly low Jun.16).
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