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USD/CAD retakes 1.3500 and above

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The greenback is recovering part of the earlier losses vs. its Canadian counterpart on Tuesday, with USD/CAD advancing above the 1.3500 handle.

    USD/CAD stronger as oil recedes

    The pair is alternating gains with losses during the European morning in response to the choppy trade in crude oil prices, with the barrel of WTI now deflating from session highs around $34.30.

    Spot will remain under pressure later in the NA session, as Canadian GDP figures are due along with US ISM Manufacturing and the API’s report on crude oil stockpiles.

    USD/CAD significant levels

    As of writing the pair is up 0.01% at 1.3532 and a surpass of 1.3663 (100-day sma) would aim for 1.3743 (20-day sma) and then 1.4103 (high Feb.3). On the other hand, the initial support is located at 1.3285 (200-day sma) followed by 1.3034 (low Nov.3 2015) and then 1.2827 (low Oct.15 2015).
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