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USD/CAD through 1.33 on dovish BoC

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 13, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The Canadian dollar is now intensifying its downside vs. the greenback, lifting USD/CAD to test session tops beyond the 1.3300 handle.

    USD/CAD stronger on BoC, oil

    The selling interest is now picking up pace around CAD following the dovish remarks by BoC Deputy Governor C.Wilkins, who hinted at further ‘lower for longer’ monetary stance by the central bank in order to reach the inflation target.

    Adding to CAD weakness, crude oil prices are extending its march south today, currently hovering over the $41.30 area, or 3-month lows.

    On the data front, US Retail Sales and Producer Prices have missed expectations for the month of October, while the Reuters/Michigan index is coming next.

    USD/CAD levels to consider

    As of writing, the pair is up 0.31% at 1.3323 and a breakout of 1.3355 (high Aug.25) would aim for 1.3400 (psychological level) and then 1.3458 (high Sep.29). On the other hand, the immediate support lines up at 1.3181 (55-day sma) ahead of 1.3143 (50% Fibo of 1.3459-1.2827) and finally 1.3090 (100-day sma).
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