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USD/CAD slips to lows near 1.4050

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The Canadian dollar is now picking up pace vs. its American neighbour, with USD/CAD dropping to lows in the mid-1.4000s.

    USD/CAD below 1.41 ahead of US data

    Spot continues to navigate in 3-week lows in sub-1.4100 levels following a recovery in crude oil prices, clearly supportive of further CAD strength. After the recent rejection from fresh cycle highs around 1.4700 the figure, the pair has shed more than six big-figures in just a few sessions, now opening the door for a potential challenge of the psychological 1.4000 handle.

    Ahead in the session, the weekly report on the US labour market is due later, followed by Pending Home Sales and Durable Goods Orders, all ahead of tomorrow’s more relevant GDP figures in both the US and Canada.

    USD/CAD significant levels

    As of writing the pair is down 0.16% at 1.4079 with the next support at 1.4041 (low Jan.26) ahead of 1.3847 (3-month uptrend) and finally 1.3522 (100-day sma). On the other hand, a surpass of 1.4225 (20-day sma) would open the door to 1.4327 (high Jan.26) and then 1.4554 (high Jan.15).
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