USD/CAD stays low as oil strengthens

28 March 2016, 11:16
Batur Asmazoglu
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Strength in oil benchmarks is keeping the CAD on a front foot, ensuring the USD/CAD pair stays under pressure around 1.3240 levels. 

Offered above 76.4% Fibo level

The spot was offered once again above 1.3270 (76.4% of 1.2832-1.4690) levels as oil prices turned higher in Asia. The pair has been unable to sustain above the Fibo level for last two trading sessions. 

Even the upward revision of the US Q4 GDP release failed to keep the pair above 1.3270 levels. The focus remains on oil ahead of the US data, which is expected to show personal spending and income growth slowed down in February. 

USD/CAD Technical Levels

A breakdown of immediate support at 1.32 (zero figure + 5-DMA), under which the spot could test 1.3152 (10-DMA). On the other hand, a break above 1.3270 (76.4% of 1.2832-1.4690) would expose 1.3345 (200-DMA).
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