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USD/CAD testing highs above 1.4000

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The greenback is recovering the smile vs. its Canadian neighbor at the start of the week, with USD/CAD flirting with daily tops above the 1.4000 handle.

    USD/CAD focus on data, oil

    The pair has almost retraced January’s up move to fresh cycle highs near 1.4700 the figure (January 20), with the significant recovery in crude oil prices being the exclusive driver behind CAD’s strength.

    Ahead in the session, RBC’s manufacturing PMI is due in Canada, while Personal Income/Spending and the ISM Manufacturing will take centre stage in the US docket.

    USD/CAD significant levels

    As of writing the pair is flat at 1.4007 with the next support at 1.3866 (3-month uptrend) ahead of 1.3812 (low Jan.4) and finally 1.3543 (100-day sma). On the other hand, a surpass of 1.4230 (20-day sma) would open the door to 1.4327 (high Jan.26) and then 1.4692 (high Jan.20).
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