USD/CAD Looking to Stabilize Around 1.3130

USD/CAD Looking to Stabilize Around 1.3130

6 April 2016, 08:09
Roberto Jacobs
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USD/CAD Looking to Stabilize Around 1.3130

The Canadian dollar is recovering part of yesterday’s sell off vs. its American neighbor, now taking USD/CAD to the 1.3135/30 band.

USD/CAD eyes on oil, PMI

The pair is coming down from yesterday’s multi-day peaks above the 1.3200 mark, bolstered by a sudden recovery of crude oil prices while the USD seems to have lost some upside momentum.

Ahead in the day, Canadian PMI tracked by Ivey is due ahead of the weekly report on crude oil inventories gauged by the EIA. It is worth noting that API reported crude stockpiles have decreased by 4.3 million barrels during last week (Tuesday).

USD/CAD significant levels

As of writing the pair is losing 0.02% at 1.3135 and a breakout of 1.3290 (23.6% Fibo of 1.4692-1.2858) would open the door to 1.3384 (200-day sma) and finally 1.3539 (55-day sma). On the flip side, the immediate support is located at 1.2858 (2016 low Mar.31) ahead of 1.2827 (monthly low Oct.15 2015) and finally 1.2124 (monthly low Jun.16).


(Market News Provided by FXstreet)

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