USD/CAD reverts the spike, back to 1.4250

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 26, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The Canadian dollar has now recovered the smile along with a better tone from crude oil prices, with USD/CAD now testing lows in the mid-1.4200s.

    USD/CAD focus on oil, US data

    The pair is now trading in the negative ground following an increasing buying interest around CAD, which is deriving support from a recovery in crude oil prices (WTI is now recovering the $30.00 mark and beyond).

    Ahead in the NA session, US Markit’s Services PMI, the S&P/Case-Shiller index and Consumer Confidence are all due, while Canadian GDP figures are expected on Friday.

    USD/CAD significant levels

    As of writing the pair is losing 0.18% at 1.4244 and a break below 1.4111 (low Jan.22) would aim for 1.3818 (3-month uptrend) and finally 1.3516 (100-day sma). On the other hand, the next up barrier lines up at 1.4692 (high Jan.20) followed by 1.4946 (high Apr.7 2003) and then 1.5000 (psychological handle).
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