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USD/CAD trims gains towards 1.3350

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 23, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The Canadian dollar is rapidly appreciating vs. its American neighbor on Monday, dragging USD/CAD to the mid-1.3300s.

    USD/CAD lower on oil

    The buying interest around the Canadian dollar has quickly picked up pace today after the barrel of WTI reverted its initial negative tone, jumping to levels above the $42.00 handle from lows near the $39.00 neighbourhood.

    Next of relevance for the pair will be Markit’s manufacturing PMI, the Chicago Fed National Activity Index and Existing Home Sales, all in the US calendar. In Canada, the BoC’s Review is due tomorrow.

    USD/CAD levels to consider

    As of writing, the pair is advancing 0.11% at 1.3359 with the next resistance at 1.3458 (2015 high Sep.29) ahead of 1.3500 (psychological level). On the slip side, a breakdown of 1.3310 (23.6% Fibo of 1.3459-1.2827) would aim for 1.3192 (55-day sma) and then 1.3141 (100-day sma).
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