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USD/CAD still capped by 1.3200

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 6, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The greenback keeps the positive note vs. its Canadian peer on Wednesday, now sending USD/CAD to the area of 1.3170.

    USD/CAD focus on oil, EIA

    Spot is advancing further today backed by a continuation of the buying interest around the US dollar amidst a risk-off environment. In the meantime, CAD remains unable to capitalize the abrupt upside in crude oil prices, with the barrel of West Texas Intermediate up nearly 3% and approaching the $37.00 mark.

    Next of relevance for the pair will be the PMI gauge tracked by Ivey, followed by the weekly report on crude oil inventories by the EIA (3.15 m expected).

    USD/CAD significant levels

    As of writing the pair is up 0.23% at 1.3167 and a breakout of 1.3290 (23.6% Fibo of 1.4692-1.2858) would open the door to 1.3384 (200-day sma) and finally 1.3539 (55-day sma). On the flip side, the immediate support is located at 1.2858 (2016 low Mar.31) ahead of 1.2827 (monthly low Oct.15 2015) and finally 1.2124 (monthly low Jun.16).
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