4 Nov 2015
USD/CAD testing highs near 1.3080
FXStreet (Edinburgh) - The greenback is gaining some traction vs. its Canadian peer today, with USD/CAD navigating the upper end of the range near 1.3080.
USD/CAD firm ahead of US, CAD docket
The pair seems to have found some support around the mid-1.30s, where is located the 100-day sma, ahead of key releases in the US calendar later in the session: ADP report, Services PMI by Markit, ISM Non-Manufacturing and Trade Balance figures, all preceding Yellen’s testimony and speeches by Fed’s Dudley and Fischer.
In the meantime, spot seems to be consolidating the drop from last week’s tops near 1.3300 the figure, with renewed expectations of a Fed’s lift-off in September as the main supporter of the greenback, and crude oil prices sustaining CAD gains.
USD/CAD levels to consider
As of writing, the pair is advancing 0.12% at 1.3067 with the next resistance at 1.3164 (55-day sma) followed by 1.3217 (38.2% Fibo of 1.3459-1.2827) and then 1.3281 (high Oct.28). On the other hand, a break below 1.2976 (76.4% Fibo of 1.3459-1.2827) would open the door to 1.2965 (5-month uptrend) and finally 1.2827 (low Oct.15).
USD/CAD firm ahead of US, CAD docket
The pair seems to have found some support around the mid-1.30s, where is located the 100-day sma, ahead of key releases in the US calendar later in the session: ADP report, Services PMI by Markit, ISM Non-Manufacturing and Trade Balance figures, all preceding Yellen’s testimony and speeches by Fed’s Dudley and Fischer.
In the meantime, spot seems to be consolidating the drop from last week’s tops near 1.3300 the figure, with renewed expectations of a Fed’s lift-off in September as the main supporter of the greenback, and crude oil prices sustaining CAD gains.
USD/CAD levels to consider
As of writing, the pair is advancing 0.12% at 1.3067 with the next resistance at 1.3164 (55-day sma) followed by 1.3217 (38.2% Fibo of 1.3459-1.2827) and then 1.3281 (high Oct.28). On the other hand, a break below 1.2976 (76.4% Fibo of 1.3459-1.2827) would open the door to 1.2965 (5-month uptrend) and finally 1.2827 (low Oct.15).