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USD/CAD weaker, drops further to 1.3940

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The greenback is shedding further ground vs. its main rivals, with USD/CAD now breaking well below the 1.4000 handle to post lows in the 1.3960 area.

    USD/CAD weaker ahead of US ADP report

    The pair is now retreating for the third consecutive week after being rejected from the 1.4700 neighbourhood in mid-January, accelerating the downside in response to a generalized offered tone around USD and a recovery in crude oil prices.

    Next of relevance for the pair will be the ADP Employment Change in the US economy, with consensus gyrating just below 200K for the month of January, seconded by the EIA’s report on crude oil inventories during last week.

    USD/CAD significant levels

    As of writing the pair is losing 0.54% at 1.3949 facing the next support at 1.3890 (3-month uptrend) ahead of 1.3812 (low Jan.4) and finally 1.3553 (100-day sma). On the other hand, a surpass of 1.4230 (20-day sma) would open the door to 1.4327 (high Jan.26) and then 1.4692 (high Jan.20).

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