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USD/CAD upside capped around 1.3100

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 23, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The Canadian dollar is giving away part of the recent gains vs. its neighbor on Wednesday, with USD/CAD trading on a firm note near 1.3080.

    USD/CAD attention to US data, EIA

    Spot is recovering some of yesterday’s losses and is back to trade in the boundaries of the key barrier at 1.3100 the figure today, in a context where the greenback remains bid.

    Absent data releases in Canada and with crude prices taking a breather so far, US New Home Sales will come to the fore ahead of the EIA’s weekly report on crude oil inventories.

    USD/CAD significant levels

    As of writing the pair is advancing 0.30% at 1.3088 and a break above 1.3277 (20-day sma) would aim for 1.3346 (200-day sma) and finally 1.3596 (38.2% Fibo of 1.4692-1.2919). On the flip side, the initial support lines up at 1.2919 (2016 low Mar.18) followed by 1.2827 (monthly low Oct.15 2015) and then 1.2124 (monthly low Jun.16).
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