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USD/CAD wobbles around 1.3300

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 16, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The Canadian dollar is posting meagre gains vs. its neighbour on Monday, driving USD/CAD to the 1.3300 neighbourhood.

    USD/CAD gains limited near 1.3350

    The performance of crude oil prices plus speculations on a Fed’s lift off in December remains the almost exclusive drivers of the pair’s price action so far. However, gains appear somewhat capped by the 1.3350 area for the time being, although the upcoming FOMC minutes (Wednesday) carry the potential to spark further USD strength.

    Today’s calendar includes Canadian Manufacturing Sales and the Empire State manufacturing index in the US economy, while the broader sentiment will keep an eye on the recent developments in France and their potential consequences.

    USD/CAD levels to consider

    As of writing, the pair is down 0.10% at 1.3305 with the next support at 1.3217 (38.2% Fibo of 1.3459-1.2827) ahead of 1.3184 (55-day sma) and then 1.3106 (100-day sma). On the other hand, a breakout of 1.3341 (downtrend from 1.3458) would open the door to 1.3355 (high Aug.25) and then 1.3458 (2015 high Sep.29).
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