USD/CAD pushes higher, 1.4000 on sight

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The Canadian dollar is now losing further ground as sentiment in the commodity-bloc currencies keep deteriorating, with USD/CAD testing the boundaries of 1.4000.

    USD/CAD focus on risk, oil

    Crude oil prices are taking a hit while risk aversion is quickly gathering further traction, putting further downside pressure on the Canadian dollar and thus lifting spot back to the 1.4000 neighbourhood.

    Nothing expected data wise in Canada today, whereas Initial Claims and another testimony by Chairwoman J.Yellen will keep traders entertained in the US calendar.

    USD/CAD significant levels

    As of writing the pair is up 0.28% at 1.3972 and a surpass of 1.4103 (high Feb.3) would expose 1.4110 (20-day sma) and then 1.4327 (high Jan.26). On the other hand, the next support lines up at 1.3635 (low Feb.4) ahead of 1.3588 (100-day sma) and finally 1.3180 (200-day sma).
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