USD/CAD prints highs near 1.3270

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The offered tone keeps weighing on the Canadian dollar, now helping USD/CAD to regain daily highs near 1.3270.

    USD/CAD posting weekly gains

    The inactivity in the US markets plus the recent softer tone in crude oil prices have plotted against further CAD strength, allowing spot to close its first week with gains since January’s fresh cycle peaks near 1.4700 the figure.

    The ongoing USD rally has been sustained further today after Q4 GDP figures have come in stronger than expected. In addition, a generalized hawkish tone from this week’s Fedspeak has hinted at the likeliness of a rate hike by the Fed at its April meeting, all being USD-supportive and helping the pair to extend the rebound from recent lows in the 1.2920 area.

    USD/CAD significant levels

    As of writing the pair is advancing 0.14% at 1.3265 facing the immediate hurdle at 1.3357 (200-day sma) ahead of 1.3596 (38.2% Fibo of 1.4692-1.2919) and finally 1.3680 (100-day sma). On the other hand, a break below 1.2919 (2016 low Mar.18) would expose 1.2827 (monthly low Oct.15 2015) and then 1.2124 (monthly low Jun.16).
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