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USD/CAD retreats from highs, back to test 1.3320

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The Canadian dollar is once again picking up pace vs. its American peer on Tuesday, sending USD/CAD to re-visit the boundaries of 1.3300 the figure.

    USD/CAD lower on oil gains, ignores data

    CAD is now trading on a firmer note following the better sentiment around crude oil prices, where the barrel of West Texas Intermediate is gathering further traction and has managed to surpass the key $38.00 barrier.

    Mixed results from the Canadian docket saw Housing Starts beating expectations during February, although Building Permits have come in on the soft side. Back to the US, the NFIB index has missed prior estimates, printing 92.9 for the month of February.

    USD/CAD significant levels

    As of writing the pair is advancing 0.40% at 1.3327 facing the next resistance at 1.3596 (20-day sma) followed by 1.3678 (100-day sma) and then 1.3861 (high Feb.24). On the flip side, a breakdown of 1.3262 (low Mar.7) would open the door to 1.3034 (monthly low Nov.3 2015) and finally 1.2827 (monthly low Oct.15 2015).
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