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USD/CAD rebounds from 1.3900

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - After dipping to the area of 1.3900 in early trade, USD/CAD has managed to reclaim some ground lost and is now hovering over the positive territory once again near 1.3950.

    USD/CAD higher on USD, oil weakness

    The persistent weakness around crude oil prices continue to be the main drag for the Canadian dollar, which along with a re-emergence of the sentiment around the greenback is bolstering the current upside in the pair.

    Nothing worth mentioning in the US calendar today, while Industrial Product Price and Raw Material Price are due in Canada.

    USD/CAD key levels

    At the moment the pair is down 0.03% at 1.3936 and a break below 1.3607 (3-month uptrend) would target 1.3489 (55-day sma) and then 1.3351 (100-day sma). On the other hand, the initial hurdle is located at 1.4001 (high Dec.18) ahead of 1.4100 and 1.4200 (psychological levels).
    For more information, read our latest forex news.
     

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