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USD/CAD retreats from highs, near 1.3350

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    USD/CAD keeps the trade in the upper bound of the daily range on Monday, currently gyrating around 1.3360 after climbing as high as 1.3370 earlier.

    USD/CAD attention to oil, data

    Crude oil prices have left session peaks, although the barrel of West Texas Intermediate remains well above the $36.00 mark, posting gains for the fourth session in a row for the time being.

    The US dollar seems to have reverted part of last week’s deep pullback, extending the bounce off recent troughs in the 1.3300 neighbourhood.

    In the US docket, the Fed’s Labor Market Conditions Index is due, followed by Consumer Credit Change and speeches by Brainard and Fischer.

    USD/CAD significant levels

    As of writing the pair is advancing 0.26% at 1.3358 facing the next resistance at 1.3629 (20-day sma) followed by 1.3677 (100-day sma) and then 1.3861 (high Feb.24). On the flip side, a breakdown of 1.3309 (low Mar.4) would open the door to 1.3302 (200-day sma) and finally 1.3034 (low Nov.3 2015).
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