USD/CAD slumps below 1.3700

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 14, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - Quite volatile a session for USD/CAD so far, now plummeting to sub-1.3700 levels following a failed attempt to clinch 1.3800 the figure.

    USD/CAD drops to fresh lows around 1.3680

    The earlier bull run to the vicinity of the 1.3800 handle has quickly run out of legs and prompted the ongoing and abrupt leg lower to the boundaries of 1.3680. Crude oil prices have reverted their decline to fresh 6-year lows, giving oxygen to CAD and thus triggering the current drop to daily lows.

    Ahead in the week, BoC’s S.Poloz will give a press conference tomorrow following the Financial System Review, while November’s CPI figures will take centre stage in US.

    USD/CAD levels to consider

    As of writing, the pair is losing 0.35% at 1.3695 with the next support at 1.3401 (2-month uptrend) ahead of 1.3246 (55-day sma) and then 1.3222 (100-day sma). On the other hand, a breakout of 1.4000 (monthly high May 2004) would expose 1.4195 (monthly high Jul.2003).
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