USD/CAD slips to 1.3360

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 30, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The US dollar is now losing some of its shine, dragging USD/CAD to test session lows in the 1.3360/50 band.

    USD/CAD bid on oil, US data eyed

    A deceleration of the USD rally plus a better tone from crude oil prices – the barrel of WTI is advancing beyond $42.00 – is collaborating with the current leg lower, with spot derailing to daily lows in the mid-1.3300s and reverting the initial spike to the boundaries of 1.3400 the figure.

    On the data front Canadian Current Account deficit has widened to $16.2 billion during the third quarter, while US Pending Home Sales and the Dallas Fed index will take centre stage later.

    USD/CAD levels to consider

    As of writing, the pair is losing 0.13% at 1.3365 and a break below 1.3217 (38.2% Fibo of 1.3459-1.2827) would aim for 1.3199 (55-day sma) and then 1.3166 (100-day sma). On the other hand, the initial hurdle lies at 1.3437 (high Nov.23) ahead of 1.3458 (2015 high Sep.29) and then 1.3500 (psychological level).
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