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USD/CAD weaker, returns below 1.4200

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 13, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The Canadian dollar is now trading on a firmer footing vs. its American neighbour on Wednesday, dragging USD/CAD back to sub-1.4200 levels.

    USD/CAD focus on Fedspeak, oil

    Today’s recovery of crude oil prices is lending further support to the Canadian currency, with the barrel of the West Texas Intermediate now recovering the $31.00 mark and beyond in spite of the USD advance.

    Spot has surpassed the 1.4300 handle during the NA session on Tuesday, posting fresh 13-year highs, albeit losing some upside momentum since then. Next on tap in the US docket, speeches by Fed’s E.Rosengren and C.Evans are due followed by Fed’s Beige Book.

    USD/CAD significant levels

    At the moment the pair is down 0.44% at 1.4193 and a breach of 1.3977 (20-day sma) would aim for 1.3793 (low Dec.24) and finally 1.3675 (3-month uptrend). On the flip side, the next resistance aligns at 1.4316 (high Jan.12) followed by 1.4672 (high Apr.24 2003) and then 1.4946 (high Apr.7 2003).
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