USD/CAD regains 1.30, focus on US data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 14, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The Canadian dollar is now surrendering part of the daily gains vs. its American neighbour, sending USD/CAD above the 1.300 handle once again.

    USD/CAD focus on US data, oil

    The pair is looking to extend the rebound from recent multi-month lows in the 1.2900 neighbourhood, although the increasing selling mood around the greenback and the persistent recovery in crude oil prices keep limiting the upside.

    Next of relevance in the pair will be today’s US Retail Sales with consensus expecting sales to have expanded 0.2% inter-month during September. Later in the NA session, the Fed will publish its Beige Book.

    USD/CAD levels to consider

    As of writing, the pair is down 0.19% at 1.3014 and a breakdown of 1.2917 (100-day sma) would aim for 1.2900 (low Oct.9) and then 1.2869 (Fibo 38.2% of 1.1916-1.3458). On the other hand, the initial up barrier aligns at 1.3095 (Fibo 23.6% of 1.1916-1.3458) followed by 1.3181 (55-day sma) and finally 1.3458 (11-year high Sep.29).
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