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USD/CAD sinks to 1.4440 on poor US data

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The Canadian dollar is now retaking some ground lost to the greenback in early trade, dragging USD/CAD to the mid-1.4400s so far.

    USD/CAD lower on oil, US data

    The selling momentum around the greenback is picking up pace after the miserable results from today’s US docket, where retail sales, the Empire State index, Industrial Production and Capacity Utilization have all missed expectations.

    CAD is also deriving some support from the recovery of crude oil prices, with the barrel of West Texas Intermediate off lows albeit still below the $30.00 mark.

    USD/CAD significant levels

    At the moment the pair is advancing 0.54% at 1.4443 with the next hurdle at 1.4548 (high Jan.15) followed by 1.4672 (high Apr.24 2003) and then 1.4946 (high Apr.7 2003). On the other hand, a breakdown of 1.4034 (20-day sma) would aim for 1.3793 (low Dec.24) and finally 1.3698 (3-month uptrend).
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