USD/CAD Filled the Gap, Back Below 1.2900
The Canadian dollar has gathered further traction today, now dragging USD/CAD back below the 1.2900 key support.
USD/CAD fades the spike to 1.3000
Spot
has reverted the initial positive tone, coming down from the boundaries
of the psychological handle at 1.3000 the figure after the fiasco at
the Doha meeting to re-test sub-1.2900 levels, amidst a recovery of
crude oil prices and USD-selling.
Next on tap in Canada will be
February’s Foreign Transactions, while the NAHB index and speeches by
FOMC’s Dudley and Kashkari are expected in the US docket.
USD/CAD significant levels
As
of writing the pair is up 0.59% at 1.2891 and a breakout of 1.3024
(20-day sma) would open the door to 1.3219 (high Apr.5) and then 1.3298
(high MAr.24). On the flip side, the next support aligns at 1.2744 (2016
low Apr.13) followed by 1.2652 (low Jul.10 2015) and finally 1.2124
(monthly low Jun.24 2015).
