USD/CAD upside capped near 1.3680

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 11, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The offered marches unabated around the Canadian dollar, with USD/CAD trading in the area of fresh cycle highs around 1.3660/70.

    USD/CAD focus on US data

    The persistent weakness around crude oil prices – WTI navigating multi-year lows around $36.00 today – remains the exclusive driver behind the ongoing offered tone around CAD, thus collaborating with the solid upside in the pair to levels last seen over a decade ago in the upper-1.3600s.

    Next on tap will be US Retail Sales and the Consumer Sentiment tracked by the Reuters/Michigan index. Prior surveys expect headline sales to have expanded 0.3% during November, up from October’s 0.1% gain.

    USD/CAD levels to consider

    As of writing, the pair is advancing 0.25% at 1.3667 with the next resistance at 1.3700 (psychological level). On the flip side, a breach of 1.3371 (2-month uptrend) would expose 1.3233 (55-day sma) and then 1.3207 (100-day sma).
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