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USD/CAD weaker, dips below 1.3700

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 25, 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, dragging USD/CAD back below the 1.3700 mark.

    USD/CAD bid on oil recovery

    CAD gained extra downside pressure following a pick up of crude oil prices, with the barrel of West Texas Intermediate now retaking the $32.00 mark during the European morning.

    Next on tap will be US Durable Goods Orders and Initial Claims, while the speeches by Fed’s Lockhart and Williams will grab attention later in the NA session.

    USD/CAD significant levels

    As of writing the pair is down 0.14% at 1.3669 with the immediate support at 1.3635 (low Feb.4) ahead of 1.3643 (100-day sma) and finally 1.3263 (200-day sma). On the other hand, a breakout of 1.3835 (20-day sma) would expose 1.3979 (55-day sma) and then 1.4103 (high Feb.3).
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