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USD/CAD regains 1.2700 and beyond, EIA eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 20, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    After bottoming out in fresh 2016 lows near 1.2630 on Tuesday, USD/CAD has pull itself together and has retaken the 1.2700 handle.

    USD/CAD attention to US data, EIA

    The now softer tone in crude oil prices is removing some important tailwinds from the Canadian dollar, in turn helping spot to advance to daily highs in the 1.2725/30 band ahead of US data releases.

    In fact, US housing sector will come back to the fore, as Existing Home Sales is due followed by the weekly report on crude oil inventories tracked by the EIA.

    USD/CAD significant levels

    As of writing the pair is gaining 0.41% at 1.2721 and a breakdown of 1.2631 (2016 low Apr.19) would aim for 1.2124 (monthly low Jun.24 2015) and finally 1.1916 (low May 14 2015). On the other hand, the next hurdle lines up at 1.2964 (20-day sma) followed by 1.3116 (23.6% Fibo of 1.4692-1.2631) and then 1.3303 (55-day sma).
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