USD/CAD turns negative around 1.3270

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 13, 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 neighbour on Friday, sending USD/CAD to test fresh lows in the 1.3275/70 band.

    USD/CAD attention to US releases

    The pair is trimming part of yesterday’s strong advance to multi-week peaks near 1.3350 in response to a renewed offered tone surrounding the greenback. The US dollar has reacted adversely following the mixed message from recent speeches by Fed’s officials, although the probability of a rate hike by the Federal Reserve in December remains firm around 70%.

    Next on tap will be US Retail Sales and the investor confidence gauged by the Reuters/Michigan index, all ahead the speech by Cleveland Fed L.Mester.

    USD/CAD levels to consider

    As of writing, the pair is down 0.06% at 1.3271 with the next support at 1.3181 (55-day sma) ahead of 1.3143 (50% Fibo of 1.3459-1.2827) and finally 1.3090 (100-day sma). On the other hand, a breakout of 1.3317 (high Nov.6) ahead of 1.3355 (high Aug.25) and then 1.3458 (high Sep.29).
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