USD/CAD retreats from highs, back to 1.3360

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    USD/CAD is clinging to daily gains on Wednesday, deflating from the area of session highs near the 1.3400 limestone.

    USD/CAD focus on FOMC, oil

    CAD has recovered part of the recent losses after crude oil prices attempted a tepid bounce following comments by Gulf OPEC official, arguing that the output freeze could happen without Iran, all ahead of the new tentative meeting on April 17th.

    In addition, the buying interest around the greenback remains on the rise ahead of key US CPI figures and the FOMC meeting due later in the NA session.

    USD/CAD significant levels

    As of writing the pair is gaining 0.03% at 1.3360 and a breakout of 1.3466 (20-day sma) would aim for 1.3525 (23.6% Fibo of 1.4692-1.3164) and then 1.3685 (100-day sma). On the flip side, the immediate support aligns at 1.3164 (2016 low Mar.11) ahead of 1.3034 (low Nov.3 2015) and finally 1.3000 (psychological level).

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