USD/CAD sinks to lows near 1.3820

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    USD/CAD is now picking up further selling pressure as a recovery in crude oil prices is lending support to the Canadian dollar.

    USD/CAD weaker on oil recovery, Iran eyed

    Crude oil prices are edging higher today, somewhat anticipating a positive outcome from today’s meeting in Iran between OPEC delegates and Iranian officials. The buying interest is thus soaring around CAD, relegating spot to daily troughs in the low-1.3800s.

    Apart from the oil dynamics, the US calendar will also take centre stage later in the NA session, with US Industrial Production, Capacity Utilization, Producer Prices and the FOMC minutes grabbing all the attention.

    USD/CAD significant levels

    As of writing the pair is down 0.39% at 1.3829 facing the immediate support at 1.3635 (low Feb.4) ahead of 1.3607 (100-day sma) and finally 1.3216 (200-day sma). On the other hand, a breakout of 1.3970 (20-day sma) would expose 1.4040 (38.2% Fibo of YTD down move) and then 1.4327 (high Jan.26).
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