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USD/CAD regains 1.40 and beyond

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The Canadian dollar is giving away part of the initial gains vs. its American peeron Friday, sending USD/CADstrong>> back above the 1.40 handle.

    USD/CAD focus on oil, data

    The recent strong recovery in crude oil prices have been the exclusive driver behind CAD strength, prompting spot to break below the 1.40 mark for the fist time since early January.

    Apart from crude oil dynamics, today’s revision of US Q4 GDP and Canadian GDP figures during November will set the pace ahead in the NA session. Further data will see the Chicago PMI, Reuters/Michigan index and the US oil rig count by Baker Hughes.

    USD/CAD significant levels

    As of writing the pair is down 0.17% at 1.4025 with the next support at 1.3826 (55-day sma) ahead of 1.3812 (low Jan.4) and finally 1.3529 (100-day sma). On the other hand, a surpass of 1.4231 (20-day sma) would open the door to 1.4327 (high Jan.26) and then 1.4692 (high Jan.20).
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