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USD/CAD tanking on oil, tests 1.3300

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 2, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The Canadian dollar is now gathering some traction, taking USD/CAD to the lower end of the range near the critical support at 1.3300.

    USD/CAD lower on Iran comments

    Spot has surrendered over a big figure after Iran argued that the majority of OPEC members (with the exception of Saudi Arabia and gulf Arab countries) could agree on an output cut.

    Back to Canada, the BoC has left unchanged its benchmark rate at 0.5% at today’s meeting, broadly in line with market expectations. In the meantime, positive results from the US docket have been sustaining the bid tone around USD, taking the pair above the 1.3400 barrier in early trade.

    Next on tap will be the speech by Chairwoman J.Yellen on ‘Economic Outlook’ at the Economic Club of Washington.

    USD/CAD levels to consider

    As of writing, the pair is down 0.08% at 1.3353 and a drop below 1.3217 (38.2% Fibo of 1.3459-1.2827) would expose 1.3197 (55-day sma) and then 1.3165 (100-day sma). On the flip side, the next hurdle lies at 1.3437 (high Nov.23) followed by 1.3458 (2015 high Sep.29) and finally 1.3500 (psychological level).
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