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USD/CAD treading water below 1.3100

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 21, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The greenback is posting moderate gains vs. its Canadian peer at the beginning of the week, lifting USD/CAD to the area of 1.3070.

    USD/CAD bounces off 1.2900

    After bottoming out in fresh multi-month lows near 1.2900 the figure last week, the US dollar has shown some signs of life, allowing spot to regain the psychological handle at 1.3000 and beyond.

    The offered tone around CAD is being supported by some softness in crude oil prices, with the barrel of West Texas Intermediate easing from recent YTD peaks above the $41.00 mark.

    In the data space, US Existing Home Sales are only due today followed by the speech by Fed’s Lockhart.

    USD/CAD significant levels

    As of writing the pair is advancing 0.40% at 1.3055 with the next resistance at 1.3306 (20-day sma) ahead of 1.3342 (200-day sma) and then 1.3596 (38.2% Fibo of 1.4692-1.2919). On the other hand, a break below 1.2919 (2016 low Mar.18) would open the door to 1.2827 (monthly low Oct.15 2015) and then 1.2124 (monthly low Jun.16).
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