USD/CAD treading water above 1.3100

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 22, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The Canadian dollar is regaining part of the ground lost to the greenback on Wednesday, taking USD/CAD to the 1.3115/10 band.

    USD/CAD focus on CAD, US data

    Despite the daily pullback, spot manages to keep the trade above the 1.3100 handle so far. Recall that a renewed selling interest relegated CAD to fresh lows vs. USD on Wednesday, in response to the dovish tone from the BoC statement and MPR.

    Next of relevance will be Canadian Retail Sales for the month of August, while Initial Claims, the Chicago Fed NAI and Existing Home Sales will be in the limelight across the border.

    USD/CAD levels to consider

    As of writing, the pair is retreating 0.14% at 1.3121 with the next support at 1.3095 (Fibo 23.6% of 1.1916-1.3458) followed by 1.2946 (100-day sma) and then 1.2871 (uptrend from June lows). On the other hand, a breakout of 1.3163 (55-day sma) would aim for 1.3355 (high Aug.25) and then 1.3458 (high Sep.24).
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