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USD/CAD retreats from highs, back to 1.3830

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 24, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The Canadian dollar is now regaining some ground lost to its American neighbour on Wednesday, sending USD/CAD back to the 1.3830 area.

    USD/CAD stronger on oil slump

    Spot has advanced to fresh 3-day tops near 1.3860 backed by a solid performance of the greenback vs. its main rivals and a continuation of the sell off around crude oil prices, with the barrel of WTI breaking below the $31.00 mark in early trade.

    In the data space, US Services PMI gauged by Markit are due later, followed by New Home Sales, the EIA weekly report on inventories and speeches by Fed’s Bullard and Kaplan.

    USD/CAD significant levels

    As of writing the pair is up 0.49% at 1.3835 and a surpass of 1.3879 (high Feb.11) would expose 1.3979 (55-day sma) and then 1.4103 (high Feb.3). On the other hand, the next support lines up at 1.3635 (low Feb.4) ahead of 1.3636 (100-day sma) and finally 1.3256 (200-day sma).
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