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USD/CAD struggles to regain 1.3400 after hitting 3-month lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The Canadian dollar is among the best performers on Tuesday as it continues to advance versus its US counterpart, supported by higher oil prices and better-than-expected Canadian GDP data.

    USD/CAD
    has dropped more than 150 pips since the beginning of the New York session, bottoming out at 1.3385, level not seen in almost 3 months, despite upbeat US ISM PMI and construction data.

    At time of writing, USD/CAD is trading at 1.3400, recording a 1.0% daily loss as WTI futures continue to approach $35.00 a barrel.

    USD/CAD levels to consider


    In terms of technical levels, next supports are seen at the initial support at 1.3292 (Dec 2015 monthly low), 1.3263 (200-day SMA) and 1.3223 (Nov 12 2015 low). On the flip side, resistances line up at 1.3550 (Mar 1 high), 1.3586 (Feb 29 high) and 1.3638 (100-day SMA).
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