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USD/CAD unstoppable around 1.4400

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The weakness around the Canadian dollar remains on the rise today, with USD/CAD briefly testing fresh cycle highs in the 1.4400 neighborhood.

    USD/CAD looks to oil, US data

    The initial offered tone in crude oil prices has sent the barrel of West Texas Intermediate below the $31.00 handle once again, weighing on the Canadian dollar and collaborating with the daily upside.

    Ahead in the NA session, Initial Claims, Import/Export Prices and the speech by Fed’s Bullard will take centre stage in the US docket. On the Canadian side, second-tier releases will see the New Housing Price index.

    USD/CAD significant levels

    At the moment the pair is advancing 0.43% at 1.4372 with the next hurdle at 1.4399 (high Jan.14) followed by 1.4672 (high Apr.24 2003) and then 1.4946 (high Apr.7 2003). On the other hand, a breakdown of 1.4007 (20-day sma) would aim for 1.3793 (low Dec.24) and finally 1.3697 (3-month uptrend).
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