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USD/CAD weaker, breaches 1.3800

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The Canadian dollar is now appreciating further vs. its American neighbour, relegating USD/CAD to sub-1.3800 levels, or daily lows.

    USD/CAD losses altitude after Iran meeting

    CAD is stronger in spite of crude oil prices have now retreated from the area of session highs above the critical $30.00 mark per barrel after Iran has refused the proposals set at the meeting in Doha yesterday.

    Auspicious results from the US docket today have failed to ignite any bullish attempt in the pair, which remains confined to fresh lows in the 1.3765/60 band.

    USD/CAD significant levels

    As of writing the pair is down 0.80% at 1.3771 facing the immediate support at 1.3635 (low Feb.4) ahead of 1.3607 (100-day sma) and finally 1.3216 (200-day sma). On the other hand, a breakout of 1.3970 (20-day sma) would expose 1.4040 (38.2% Fibo of YTD down move) and then 1.4327 (high Jan.26).
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