USD/CAD retakes 1.3800, oil losses traction

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 9, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The Canadian dollar remains on the firmer side vs. its American peer on Tuesday, now sending USD/CAD back to the 1.3840 area.

    USD/CAD focus on API, bounces off 1.3780

    After dropping to weekly lows around 1.3780, spot has managed to retake the 1.3800 handle and advance to the current 1.3840/50 band amidst volatile crude oil prices.

    Data releases in the US calendar saw the NFIB’s index at 93.9 and December’s Wholesale Inventories contracting 0.1%, both readings coming in below consensus, all ahead of the API’s report on crude stockpiles.

    USD/CAD significant levels

    As of writing the pair is down 0.61% at 1.3848 with the next support at 1.3635 (low Feb.4) ahead of 1.3581 (100-day sma) and finally 1.3170 (200-day sma). On the upside, a surpass of 1.4103 (high Feb.3) would expose 1.4130 (20-day sma) and then 1.4327 (high Jan.26).
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