CATEGORY USD/CAD

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USD/CAD breaks below 1.3900 to complete retracement of 2016 rally

FXStreet (Córdoba) – USD/CAD broke below 1.3900 and printed fresh monthly lows amid broad USD weakness and with the Canadian dollar underpinned by a recovery in oil prices.

USD/CAD has almost retraced its 2016 rally, which led the pair to a 13-year peak of 1.4689 in January, having lost more than 800 pips ever since. On Wednesday, USD/CAD was rejected by the 1.41 zone, and lost more than 250 pips, breaking below the 50-day SMA, to a low of 1.3827, last seen Jan 4.

At time of writing, USD/CAD is trading at 1.3830, down 1.59% on the day, on track to post its ninth daily loss out of the last 11 trading days.

USD/CAD levels to watch

As for technical levels, next supports are seen at 1.3812 (Jan 4 low), 1.3800 (psychological level) and 1.3777 (Dec 17 low). On the flip side, resistances could be found at 1.4075 (10-day SMA), 1.4100 (Feb 3 high/psychological level) and 1.4121 (Jan 28 high).

USD/CAD broke below 1.3900 and printed fresh monthly lows amid broad USD weakness and with the Canadian dollar underpinned by a recovery in oil prices.

(Market News Provided by FXstreet)

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USD/CAD drops despite falling crude oil prices and Canadian data

FXStreet (Córdoba) – USD/CAD is about to end the day modestly lower despite a decline in crude oil prices and a lower-than-expected reading on Canadian Housing starts.

Correcting lower

On Friday it reached at 1.3318 the highest level since September 30 boosted by the NFP report. But also on Friday, employment numbers from Canada were stronger than expected and is possible behind today’s performance of the loonie that is the best among commodity currencies.

Crude oil is falling modestly, the barrel (WTI) trades below USD 44.00 while stocks in Wall Street are falling more than 1%. USD/CAD held in negative territory and below 1.3200, despite risk aversion and a decline in commodity prices.

USD/CAD technical levels

To the upside, resistance levels might lie at 1.3215/20 (last week highs), 1.3355 (August 25, 26 high) and 1.3400 (psychological level). On the opposite direction support might be seen at 1.3245 (daily low), 1.3190 (previous support) and 1.3155 (Nov 6 low).

USD/CAD is about to end the day modestly lower despite a decline in crude oil prices and a lower-than-expected reading on Canadian Housing starts.

(Market News Provided by FXstreet)

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USD/CAD drops to 1.3080 on data

FXStreet (Edinburgh) – The greenback is losing the grip vs. its Canadian neighbour on Monday, now sending USD/CAD to the area of 1.3080/75 following US data.

USD/CAD turns negative near 1.3080

The pair has left the area above the 1.3100 handle despite better-than-expected results from the US docket today. In fact, the critical ISM Manufacturing PMI has come in at 50.1 for the month of October, a tad better than the 50.0 initially forecasted albeit down from September’s 50.2.

Further results saw the manufacturing PMI tracked by Markit at 54.1 vs. 54.0 anticipated, while Construction Spending advanced 0.6% from August to September vs. 0.5% expected.

Back to Canada, RBC’s Manufacturing PMI eased a tad to 48.0 during the last month, down from 48.6 in the previous reading.

USD/CAD levels to consider

As of writing, the pair is now losing 0.02% at 1.3078 and a break below 1.3069 (61.8% Fibo of 1.3459-1.2827) would open the door to 1.3032 (100-day sma) and finally 1.2949 (5-month uptrend). On the flip side, the next hurdle aligns at 1.3310 (23.6% Fibo of 1.3459-1.2827) ahead of 1.3400 (psychological handle) and then 1.3459 (high Sep.29).

The greenback is losing the grip vs. its Canadian neighbour on Monday, now sending USD/CAD to the area of 1.3080/75 following US data…

(Market News Provided by FXstreet)

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USD/CAD Forecast Oct. 26-30/10/2015

The Canadian dollar had a week to forget, losing over 250 points last week. USD/CAD closed the week at 1.3163. This week’s key event is GDP. Here is an outlook on the major market-movers and an updated technical analysis for USD/CAD. USD/CAD posted sharp gains after the BOC presented a pessimistic growth report, as low oil prices continue to hobble the Canadian [&hellip

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