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USD/CAD snaps 9-week losing streak

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Fresh signs of weakness in oil prices helped the USD/CAD pair snap 9-week losing streak, with prices aiming to end at 1.3240 levels.

    Rejected at 1.3296

    Pair’s corrective rally failed to cut the pair above 1.33 levels as oil managed to take back losses on Thursday. WTI oil recovered from daily low of $383.34 to end the day largely unchanged on the day on Thursday at $39.61 levels.

    Nevertheless, oil benchmarks did end the week lower after 5-week winning streak. Consequently, CAD bulls loosened their grip around USD/CAD pair. The final Q4 US GDP figure released today failed to see major action in the pair as volumes are low on account of Easter holiday.

    USD/CAD Technical Levels

    The immediate hurdle is noted at 1.3270 (76.4% of 1.2832-1.4690) followed by a resistance at 1.3340 (200-DMA). Acceptance above the same would hint at a continuation of the recovery to 1.3405 (Mar 16 low). On the other hand, break below 1.32 would expose 1.3028 (Mar 22 low), under which prices may test 1.2923 (Mar 18 low).
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