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USD/CAD slips to lows near 1.3540

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 10, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The Canadian dollar is trading on the firmer footing vs. its American peer on Thursday, with USD/CAD gyrating around the 1.3545/40 band.

    USD/CAD retreats from tops at 1.3620

    The pair has been rejected from more than 10-year highs in the 1.3620 area, correcting lower to the current 1.3540 area despite today’s bid tone prevailing around the dollar. CAD has been recently supported by a bigger than expected drop in crude oil prices during last week, according to yesterday’s EIA report.

    Next on tap will be US Initial Claims along with Export/Import Prices followed by Canadian Capacity Utilization and the New Housing Price index.

    USD/CAD levels to consider

    As of writing, the pair is losing 0.13% at 1.3546 and a drop below 1.3226 (55-day sma) would expose 1.3200 (100-day sma) and then 1.3163 (7-month uptrend). On the flip side, the immediate hurdle aligns at 1.3621 (2015 high Dec.3) followed by 1.3700 (psychological level).
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