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USD/CAD toying with 1.30 post data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 7, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The Canadian dollar continues to appreciate vs. its American counterpart on Wednesday, now taking USD/CAD to challenge the key support at 1.3000.

    USD/CAD lower on oil, ignores CAD data

    The pair remains on the defensive, as the rally in crude oil prices keeps lending support to the Canadian dollar and relegating spot to retreat for the sixth consecutive session after posting fresh cycle highs in the mid-1.3400s.

    In the data sphere, the pair has practically ignored August’s 3.7% contraction of Building Permits in Canada, missing forecasts for a 0.5% gain.

    USD/CAD levels to consider

    As of writing, the pair is losing 0.23% at 1.3005 and a breach of 1.2971 (100-d sma) would aim for 1.2952 (low Aug.12) and then 1.2861 (low Jul.29). On the other hand, the initial hurdle aligns at 1.3134 (high Oct.6) followed by 1.3199 (55-d sma) and finally 1.3310 (high Oct.1).
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