USD/CAD toys with 1.33 on data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 19, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The greenback keeps gathering traction vs. its Canadian peer on Thursday, now pushing USD/CAD to challenge the critical 1.3300 handle.

    USD/CAD bid after US docket

    The pair continues to recover from the earlier drop to the mid-1.3200s, as CAD remains on the defensive following the persistent weakness in crude oil prices. In addition, US Initial Claims have matched expectations during last week, while the manufacturing survey carried on by the Philly Fed have surprised investors to the upside.

    Next on tap for the pair will be the Autumn Issue of the BoC’s Review followed by speeches by Fed’s D.Lockhart and S.Fischer.

    USD/CAD levels to consider

    As of writing, the pair is down 0.18% at 1.3295 with the next support at 1.3217 (38.2% Fibo of 1.3459-1.2827) ahead of 1.3186 (55-day sma) and then 1.3121 (100-day sma). On the other hand, a breakout of 1.3363 (downtrend from 1.3458) would open the door to 1.3373 (high Nov.16) and then 1.3458 (2015 high Sep.29).
    For more information, read our latest forex news.

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