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USD/CAD weaker, testing 1.3300 ahead of data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 1, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The Canadian dollar is appreciating further vs. its American neighbour on Tuesday, dragging USD/CAD to the 1.3320 area so far.

    USD/CAD softer ahead of CAD GDP

    The pair is retreating for the second consecutive session so far amidst a renewed wave of selling interest around the US dollar. Furthermore, a profit-taking sentiment keeps weighing on the greenback in response to the recent strong gains, ahead of key releases in both Canada and US.

    In fact, Canadian GDP figures are due later, with consensus expecting the economy to have expanded at an annual pace of 2.4% during the third quarter. Back to the US docket, the ISM Manufacturing will take centre stage ahead of the speech by Chicago Fed President Charles Evans.

    USD/CAD levels to consider

    As of writing, the pair is losing 0.21% at 1.3327 facing the next support at 1.3217 (38.2% Fibo of 1.3459-1.2827) ahead of 1.3197 (55-day sma) and then 1.3165 (100-day sma). On the other hand, a break above 1.3437 (high Nov.23) would open the door to 1.3458 (2015 high Sep.29) and finally 1.3500 (psychological level).
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