USD/CAD retakes 1.3050 on data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 8, 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 counterpart, lifting USD/CAD to the mid-1.30s.

    USD/CAD a tad better post-Canadian data

    The pair has interrupted its daily decline as the buying interest around the greenback seems to have returned to the markets, encouraging spot to rebound from lows near 1.3020.

    The Canadian dollar could not capitalize the better-than-expected results from August’s Housing Starts, coming in above the median at 203.7K. Next of relevance for the pair will be US Initial Claims and the FOMC minutes along with speeches by FOMC’s Bullard, Kocherlakota and Williams.

    USD/CAD levels to consider

    As of writing, the pair is losing 0.09% at 1.3046 and a breach of 1.2972 (100-d sma) would aim for 1.2952 (low Aug.12) and then 1.2861 (low Jul.29). On the other hand, the initial hurdle aligns at 1.3134 (high Oct.6) followed by 1.3198 (55-d sma) and finally 1.3310 (high Oct.1).
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