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USD/CAD on a firmer tone near 1.3350

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    After Friday’s brief test of the vicinity of 1.3300 the figure, USD/CAD has rebounded to the 1.3350 area, where it is now looking to consolidate.

    USD/CAD lower on oil, focus on Fedspeak

    The greenback lost further ground last week in spite of the solid print from February’s Payrolls at 242K, surpassing both estimates and January’s reading, all bolstered by the re-emergence of the risk-on trade in response to a strong recovery in crude oil prices.

    Ahead in the session, market participants will close follow the speeches by Brainard and Fischer following last Friday’s results and in light of the key FOMC meeting on March 16. On the data front, the Fed’s LMCI is only due later in the NA session.

    USD/CAD significant levels

    As of writing the pair is advancing 0.20% at 1.3349 facing the next resistance at 1.3629 (20-day sma) followed by 1.3677 (100-day sma) and then 1.3861 (high Feb.24). On the flip side, a breakdown of 1.3309 (low Mar.4) would open the door to 1.3302 (200-day sma) and finally 1.3034 (low Nov.3 2015).
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