USD/CAD threatens 1.3500 on oil advance

The Canadian dollar keeps alive its march north vs. its American counterpart, with USD/CAD currently testing the 1.3500 neighbourhood.

USD/CAD lower on oil, eyes US data

Crude oil prices remain the exclusive driver behind the upside momentum around CAD, with the barrel of Brent crude and West Texas Intermediate now testing daily highs around $36.00 and $34.00, respectively.

While spot navigates 2-month lows, today’s US docket will include another revision of Q4 GDP, Personal Income/Spending and the Reuters/Michigan index as the main releases.

USD/CAD significant levels

As of writing the pair is down 0.12% at 1.3524 facing the next support at 1.3268 (200-day sma) followed by 1.3034 (low Nov.3 2015) and then 1.2827 (low Oct.15 2015). On the upside, a surpass of 1.3647 (100-day sma) would aim for 1.3804 (20-day sma) and then 1.4103 (high Feb.3).

The Canadian dollar keeps alive its march north vs. its American counterpart, with USD/CAD currently testing the 1.3500 neighbourhood…

(Market News Provided by FXstreet)

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