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USD/CAD sinks to lows near 1.3200

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 28, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The greenback is now losing its shine vs. its Canadian peer, dragging USD/CAD to test fresh daily lows in the 1.3215/10 band.

    USD/CAD lower post-US data

    The pair has seen its downside accelerated after US mixed results showed a wider advanced trade deficit during February, while Core consumer prices tracked by the PCE have risen 1.7% YoY in February, missing forecasts for a 1.8% gain.

    Furthermore, Personal Income has surpassed previous estimates while Personal Spending matched consensus.

    Next on tap will be US Pending Home Sales seconded by the Dallas Fed Manufacturing Business index.

    USD/CAD significant levels

    As of writing the pair is losing 0.37% at 1.3211 and a breakdown of 1.2919 (2016 low Mar.18) would expose 1.2827 (monthly low Oct.15 2015) and then 1.2124 (monthly low Jun.16). On the other hand, the immediate up barrier aligns at 1.3366 (200-day sma) followed by 1.3596 (38.2% Fibo of 1.4692-1.2919) and then 1.3680 (100-day sma).
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