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USD/CAD weaker, slumps to 1.2900

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The decline in USD/CAD remains unabated at the end of the week, testing 3-month lows in the 1.2900 neighbourhood.

    USD/CAD drops on USD-selling, oil

    The current recovery in crude oil prices continues to lend support to the Canadian dollar. That, combined with the increasing offered tone around the US dollar remains the main drag in the pair, which has dropped to levels last seen in July. In addition, CAD-US 2-year spread continues to favour CAD, collaborating with the downside.

    Ahead in the session, US Export/import Prices plus speeches by Fed’s Lockhart and Evans are due. On the Canadian side, the more relevant figures from the domestic labour market will be the main highlight in the NA session.

    USD/CAD levels to consider

    As of writing, the pair is losing 0.79% at 1.2912 and a breach of 1.2863 (Fibo 61.8% of 1.1920-1.3457) would aim for 1.2700 (psychological level) and then 1.2689 (20-day sma). On the other hand, the initial hurdle aligns at 1.2984 (100-day sma) followed by 1.3000 (psychological level) and finally 1.3193 (55-day sma).
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