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USD/CAD rejected at 1.4100 ahead of FOMC

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 6, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The greenback keeps appreciating vs. its Canadian counterpart on Wednesday, lifting USD/CAD to test fresh 12-year highs just above 1.4100 the figure.

    USD/CAD firmer ahead of FOMC minutes, ADP

    The persistent weakness around crude oil prices continues to weigh on the Canadian dollar so far, intensifying its downside pressure and thus boosting spot to levels last seen in August 2003 around the 1.4100 mark.

    Other than crude oil prices, the USD dynamics will continue to have an impact on the pair today in light of the publication of the ADP report, trade balance and FOMC minutes in the US economy and the trade balance figures in Canada.

    USD/CAD key levels

    At the moment the pair is up 0.66% at 1.4082 facing the next resistance levels at 1.4166 (high Aug.22 2003) ahead of 1.4196 (high Jul.23 2003) and then 1.4672 (high Apr.24 2003). On the downside, a breach of 1.3627 (3-month uptrend) would target 1.3494 (55-day sma) and then 1.3353 (100-day sma).
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