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USD/CAD threatens 1.3500 on oil advance

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 26, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The Canadian dollar keeps alive its march north vs. its American counterpart, with USD/CAD currently testing the 1.3500 neighbourhood.

    USD/CAD lower on oil, eyes US data

    Crude oil prices remain the exclusive driver behind the upside momentum around CAD, with the barrel of Brent crude and West Texas Intermediate now testing daily highs around $36.00 and $34.00, respectively.

    While spot navigates 2-month lows, today’s US docket will include another revision of Q4 GDP, Personal Income/Spending and the Reuters/Michigan index as the main releases.

    USD/CAD significant levels

    As of writing the pair is down 0.12% at 1.3524 facing the next support at 1.3268 (200-day sma) followed by 1.3034 (low Nov.3 2015) and then 1.2827 (low Oct.15 2015). On the upside, a surpass of 1.3647 (100-day sma) would aim for 1.3804 (20-day sma) and then 1.4103 (high Feb.3).
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