FXStreet (Edinburgh) -The Canadian dollar is now accelerating its upside vs. its neighbour, quickly sending USD/CAD to sub-1.4000 levels for the first time since early January.
USD/CAD lower on US data, oil
USD/CAD has gathered further downside pressure following the strong rebound in crude oil prices, with the barrel of West Texas Intermediate advancing more than 5% and trading in session highs above the $34.00 mark.
The pair’s decline has also found further oxygen in response to the miserable prints from US Durable Goods Orders, contracting 5% during December.
USD/CAD significant levels
As of writing the pair is down 0.95% at 1.3968 with the next support at 1.3847 (3-month uptrend) ahead of 1.3812 (low Jan.4) and finally 1.3522 (100-day sma). On the other hand, a surpass of 1.4225 (20-day sma) would open the door to 1.4327 (high Jan.26) and then 1.4554 (high Jan.15).
(Market News Provided by FXstreet)