USD/CAD pushes higher to 1.3200

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The Canadian dollar continues to depreciate vs. the greenback today, now lifting USD/CAD towards daily tops around 1.3200 the figure.

    USD/CAD higher on oil, USD-strength

    The continuation of the offered tone in crude oil prices have undermined prospects of further CAD strength so far, while the re-emergence of the risk-off sentiment has given extra wings to the greenback.

    In addition, US Markit’s Services PMI and the ISM Non-manufacturing have surprised markets to the upside for the month of March, adding to the bid tone in USD.

    USD/CAD significant levels

    As of writing the pair is advancing 0.64% at 1.3171 and a breakout of 1.3290 (23.6% Fibo of 1.4692-1.2858) would open the door to 1.3382 (200-day sma) and finally 1.3565 (55-day sma). On the flip side, the immediate support is located at 1.2858 (2016 low Mar.31) ahead of 1.2827 (monthly low Oct.15 2015) and finally 1.2124 (monthly low Jun.16).
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