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USD/CAD sidelined, testing 1.3200

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 29, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The greenback keeps its daily advance vs. its Canadian neighbour on Thursday, with USD/CAD currently challenging the 1.3200 handle.

    USD/CAD attention to US docket

    The pair has gathered further traction following the hawkish tone from the FOMC meeting on Wednesday, managing to visit the 1.3280 area once again although running out of steam soon afterwards.

    Second-tier releases in Canada today will leave the attention to the US docket, where the advanced Q3 GDP figures are due, seconded by Initial Claims, Pending Home Sales, PCE and the speech by Fed’s Lockhart.

    USD/CAD levels to consider

    As of writing, the pair is gaining 0.11% at 1.3205 facing the next hurdle at 1.3310 (23.6% Fibo of 1.3459-1.2827) ahead of 1.3400 (psychological handle) and then 1.3459 (high Sep.29). On the other hand, a breach of 1.3069 (61.8% Fibo of 1.3459-1.2827) would open the door to 1.3007 (100-day sma) and finally 1.2929 (5-month uptrend).
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