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USD/CAD regains bid tone as oil drops

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Oil prices at both the sides of the Atlantic, pushing the USD/CAD into the positive territory around 1.3250 levels.

    Trades below 200-DMA

    The spot trades well below 200-DMA of 1.3303, but has recovered from the 4-month low of 1.3167 levels set on Friday. Oil is trading moderately lower after Iran once again refused to commit to production freeze, there by pouring cold water on optimism surrounding possibility of a joint production freeze.

    The data calendar in US and Canada is empty, hence the spot remains at the mercy of oil price gyrations.

    USD/CAD Technical Levels

    The immediate hurdle is seen at 1.3270 (76.4% Fibo of 1.2832-1.4690), ahead of a major resistance at 1.3303 (200-DMA) and 1.3436 (Nov 23 high). On the other hand, a break below support at 1.3211 (daily low) could see spot drift lower to Friday’s low of 1.3167, which if taken out could see the pair test 1.30 handle.
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