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USD/CAD retreats from highs near 1.2860

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The softer tone in crude oil prices is now weighing on CAD, lifting USD/CAD to test highs in the 1.2860 area albeit losing momentum soon afterwards.

    USD/CAD attention to oil, US data

    The pair is trading almost unchanged in the mid-1.2800s so far, amidst an offered tone in the greenback and an increasing selling pressure in crude oil prices, with the barrel of WTI breaking below the $41.00 key support.

    Ahead in the day, US Industrial Production and Capacity Utilization are due ahead of the Reuters/Michigan index. In Canada, Manufacturing Sales are also expected.

    USD/CAD significant levels

    As of writing the pair is losing 0.02% at 1.2847 and a breakdown of 1.2744 (2016 low Apr.13) would expose 1.2652 (low Jul.10 2015) and finally 1.2124 (monthly low Jun.24 2015). On the flip side, the next up barrier aligns at 1.3036 (20-day sma) followed by 1.3208 (23.6% Fibo of 1.4692-1.2750) and then 1.3219 (high Apr.5).
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