USD/CAD softer, down from 1.3320

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The Canadian dollar is gaining further ground vs. its American peer on Monday, dragging USD/CAD to test session lows in the 1.3265/60 band.

    USD/CAD lower on weaker dollar

    The greenback continues to lose ground vs. its main rivals, as market participants keep digesting Friday’s stellar Non-farm Payrolls (271K) and the auspicious results in the Canadian labour market.

    After briefly testing highs near 1.3320 following NFP, the pair has sparked the ongoing correction lower to the 1.3260 area, ahead of US Labor Market Conditions Index and the speech by Boston Fed E.Rosengren. Back to Canada, October’s Housing Starts is only due today.

    USD/CAD levels to consider

    As of writing, the pair is retreating 0.25% at 1.3262 facing the next support at 1.3176 (55-day sma) followed by 1.3069 (61.8% Fibo of 1.3459-1.2827) and finally 1.2979 (5-month uptrend). On the other hand, a surpass of 1.3317 (high Nov.6) would open the door to 1.3355 (high Aug.25) and then 1.3458 (high Sep.29).
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