USD/CAD pushes higher, 1.3500 around the corner?

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The greenback is now accelerating its gains vs. its Canadian peer, sending USD/CAD to post fresh session highs near the 1.3500 key barrier.

    USD/CAD stronger on ADP, oil drop

    Crude oil prices remain on the downside so far, removing a significant support for CAD and thus helping spot to return to the boundaries of 1.3500 the figure. In addition, US ADP report has come in stronger than initially expected, showing the private sector added 214K jobs from January to February.

    Ahead in the day, the Fed’s Beige Book is due in the European evening, expected to signal a continuation of the generalized and moderate growth in the US economy.

    USD/CAD significant levels

    As of writing the pair is advancing 0.50% at 1.3483 facing the next resistance at 1.3661 (100-day sma) followed by 1.3735 (20-day sma) and then 1.3957 (55-day sma). On the flip side, a breakdown of 1.3383 (low Mar.1) would open the door to 1.3284 (200-day sma) and finally 1.3034 (low Nov.3 2015).
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