USD/CAD upside stalled ahead of 1.2900

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The Canadian dollar is now recovering some pips after USD/CAD briefly tested session highs in the proximity of 1.2900 the figure.

    USD/CAD higher on oil, data

    The selling interest around CAD is gathering further steam in response to a drop of more than 2% in the barrel of West Texas Intermediate, which is currently hovering over the $40.50 area.

    In addition, Canadian Manufacturing Sales have contracted more than expected during February, down 3.3% and reverting January’s 2.3% advance. Back to the US, both Industrial Production and Capacity Utilization have missed consensus, adding to the USD-selling.

    USD/CAD significant levels

    As of writing the pair is advancing 0.27% at 1.2879 with the next hurdle at 1.3036 (20-day sma) followed by 1.3208 (23.6% Fibo of 1.4692-1.2750) and then 1.3219 (high Apr.5). On the other hand, a breakdown of 1.2744 (2016 low Apr.13) would expose 1.2652 (low Jul.10 2015) and finally 1.2124 (monthly low Jun.24 2015).
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