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USD/CAD regains 1.2800, looking to stabilize here

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 13, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    It seems the greenback has recovered the smile on Wednesday, with USD/CAD now retaking the 1.2800 neighbourhood.

    USD/CAD attention to oil, BoC

    CAD is shedding part of its recent gains vs. the US dollar after dragging spot to fresh multi-month lows in the mid-1.2700s on Wednesday, levels last traded in mid-July 2015. The down move has come in response to a strong rebound of crude oil prices, with the barrel of West Texas Intermediate hitting 2016 peaks beyond the $42.00 mark, albeit receding a tad afterwards.

    Ahead in the day, US Retail Sales are due ahead of the weekly report on crude oil inventories by the EIA. In Canada, the BoC will hold its monetary policy meeting, expected to keep its stance unchanged.

    USD/CAD significant levels

    As of writing the pair is up 0.23% at 1.2801 and a breakout of 1.3051 (20-day sma) would open the door to 1.3208 (23.6% Fibo of 1.4692-1.2750) and then 1.3391 (200-day sma). On the flip side, a the next support aligns at 1.2750 (2016 low Apr.12) followed by 1.2652 (low Jul.10 2015) and finally 1.2124 (monthly low Jun.24 2015).
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