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USD/CAD through 1.3400 on OPEC

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 4, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The Canadian dollar is now sharply depreciating vs. its American peer, sending USD/CAD beyond the 1.3400 barrier.

    USD/CAD picking up pace after OPEC’s meeting

    The Canadian dollar intensifies its offered tone after the OPEC has decided not to cut its output at today’s meeting in Vienna. Further news from the meeting tells the cartel increased its quota to 31.5 million bpd from 30 million bpd.

    Spot manages to keep the trade in the upper end of the range near 1.3400 the figure, boosted at the same time by the poor results from the Canadian docket today and a solid print from US Non-farm Payrolls (211K).

    USD/CAD levels to consider

    As of writing, the pair is advancing 0.55% at 1.3411 with the initial hurdle at 1.3437 (high Nov.23) followed by 1.3458 (2015 high Sep.29) and finally 1.3500 (psychological level). On the downside, 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).
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