USD/CAD recovers from below 1.4000, peaks above 1.4100

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 29, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - USD/CAD reversed intraday losses and climbed to fresh highs for the day during the New York session amid a stronger US dollar and pullbacks in oil prices.

    USD/CAD bounced from below 1.4000 twice throughout the day, and climbed more than a hundred pips to a high of 1.4108 in recent dealings. However, the pair failed to hold above 1.4100 and it was last trading at 1.4065, still 0.28% above its opening price.

    On the data front, both US and Canada published GDP data. US economy expanded at a 0.7% seasonally adjusted annualized rate in the fourth quarter, just below expectations of a 0.8% increase. Meanwhile, Canada grew by 0.3% in November, compared to the previous month.

    USD/CAD levels to watch

    As for technical levels, next supports are seen at 1.3946 (Jan 28 low), 1.3900 (psychological level) and 1.3855 (50-day SMA). On the flip side, immediate resistances could be found at 1.4121 (Jan 28 high), 1.4155 (Jan 27 high), 1.4231 (20-day SMA) and 1.4299/1.4300 (Jan 22 high/psychological level).
    For more information, read our latest forex news.

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