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USD/CAD testing 1.3900, daily lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 9, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The Canadian dollar is trading on a firmer note vs. its American neighbour on Tuesday, now dragging USD/CAD to the 1.3880/1.3900 band, or session lows.

    USD/CAD lower on oil, risk appetite

    The renewed upside momentum in crude oil prices – WTI advancing above the $30.00 mark – is giving fresh legs to CAD, supported at the same time by a pick up in the risk appetite trends following a mixed European open.

    Ahead in the session, the up and downs in the risk trends will take centre stage in determining the pair’s price action, while the US docket highlights the NFIB Business Optimism index and the API’s weekly report on crude oil stockpiles.

    USD/CAD significant levels


    As of writing the pair is down 0.24% at 1.3900 with the next support at 1.3635 (low Feb.4) ahead of 1.3581 (100-day sma) and finally 1.3170 (200-day sma). On the upside, a surpass of 1.4103 (high Feb.3) would expose 1.4130 (20-day sma) and then 1.4327 (high Jan.26).
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