USD/CAD stalls recovery from 5-month lows near 1.3010

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 31, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The USD/CAD pair stalls its overnight recovery mode near 1.3011, and now consolidates around 1.30 handle amid lower oil prices and a broadly higher greenback.

    USD/CAD retreats from 5-month lows

    Currently, the USD/CAD pair gains 0.26% to 1.3000, with the bears queued ahead of 1.3010 levels. The USD/CAD pair is seen trading around a flat-line near 1.30 handle over the past hour, unable to resist above the last as the black gold recovers losses, while the greenback’s recovery appears to fade as mixed comments from Fed officers continue to dampen sentiment.

    Looking ahead, the main focus for the CAD pair remains the Canadian GDP data, besides the US jobless claims and Chicago PMI will be also watched ahead of Friday’s crucial jobs report.

    USD/CAD Technical Levels

    To the upside, the next resistances are seen near 1.3061/1.3100 (1h 50-SMA/ round number) and 1.3147/50 (1h 100-SMA/ psychological levels). To the downside, immediate support might be located at 1.2984 (1h 20-SMA) and below that 1.2912 (5-month low).
    For more information, read our latest forex news.

Share This Page

free forex signals