USD/CAD unchanged in the mid-1.3500s, oil eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 26, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    USD/CAD is looking to consolidate around 1.3550 following yesterday’s deep sell-off to multi-week troughs.

    USD/CAD focus on oil, US data

    With CAD as the best G-10 performer as of late, the pair is meandering the area of 2-month lows in the mid-1.3500s, mainly propped up by quite a decent recovery of crude oil prices and a lack of reaction in the greenback.

    Looking ahead, the US docket will take centre stage in light of the releases of the GDP Annualized, Trade Balance figures, Personal Income/Spending and the final print of the Reuters/Michigan Index.

    USD/CAD significant levels

    As of writing the pair is down 0.02% at 1.3537 facing the next support at 1.3268 (200-day sma) followed by 1.3034 (low Nov.3 2015) and then 1.2827 (low Oct.15 2015). On the upside, a surpass of 1.3647 (100-day sma) would aim for 1.3804 (20-day sma) and then 1.4103 (high Feb.3).
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