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USD/CAD resumes the fall, hits fresh daily lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 8, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - USD/CAD is back headed south, printing fresh lows for the day as oil prices underpin the loonie and the greenback weakens across the board ahead of the release of FOMC minutes.

    Following a short-lived recovery attempt that was capped by the 1.3075 zone, USD/CAD resumed the drop and slid to a fresh daily low of 1.3005 in recent dealings. At time of writing, the pair is trading at 1.3015, down 0.31% on the day.

    FOMC minutes are due for release at 18:00 GMT, with investors looking for clues on whether the Fed is ready to raise rates this year, although the meeting was before the ugly September NFP report.

    USD/CAD levels to watch

    In terms of technical levels, next supports for USD/CAD are seen at 1.2971 (2-month low Oct 7), 1.2951 (Aug 12 low) and 1.2881 (100-day SMA). On the upside, resistances could be faced at 1.3079 (100-hour SMA), followed by 1.3133 (Oct 6 high) and 1.3192 (50-day SMA).
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