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USD/CAD still in red, around 1.3830

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    USD/CAD has started the week on a soft note in spite of a continuation of the bid tone around the US dollar.

    USD/CAD well supported around 1.3800

    Spot is navigating in a narrow range today, keeping daily losses in the 1.3830 area although pullbacks seem to have found decent support around the 1.3800 handle for the time being.

    In addition, CAD is deriving extra support from the upside momentum in crude oil prices, which are extending last Friday’s rally and advancing to the $30.00 mark, up nearly 12% in the last couple of sessions.

    USD/CAD significant levels

    As of writing the pair is down 0.28% at 1.3823 facing the next support at 1.3705 (100-day sma) followed by 1.3635 (low Feb.4) and then 1.3380 (200-day sma). On the other hand, a surpass of 1.3956 (20-day sma) would expose 1.4026 (55-day sma) and then 1.4103 (high Feb.3).
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