28 Oct 2015
USD/CAD drops further, near 1.3130
FXStreet (Edinburgh) - The Canadian dollar is gathering further traction on Wednesday, sending USD/CAD to test the lower bound of the range near 1.3130.
USD/CAD weaker on oil, eyes on FOMC
Today’s rally in crude oil prices – WTI up nearly 6% - continues to lend support to CAD and has prompted spot to erode yesterday’s important advance to the 1.3280 area.
Ahead in the session, the FOMC gathering will grab all the attention, as market participants will closely follow the statement looking for clues on the potential timing of the Fed’s lift-off.
USD/CAD levels to consider
As of writing, the pair is retreating 1.01 % at 1.3135 facing the next support at 1.3100 (psychological level) followed by 1.3069 (61.8% Fibo of 1.3459-1.2827) and finally 1.2998 (100-day sma). On the other hand, a breakout of 1.3310 (23.6% Fibo of 1.3459-1.2827) would expose 1.3400 (psychological handle) and then 1.3459 (high Sep.29).
USD/CAD weaker on oil, eyes on FOMC
Today’s rally in crude oil prices – WTI up nearly 6% - continues to lend support to CAD and has prompted spot to erode yesterday’s important advance to the 1.3280 area.
Ahead in the session, the FOMC gathering will grab all the attention, as market participants will closely follow the statement looking for clues on the potential timing of the Fed’s lift-off.
USD/CAD levels to consider
As of writing, the pair is retreating 1.01 % at 1.3135 facing the next support at 1.3100 (psychological level) followed by 1.3069 (61.8% Fibo of 1.3459-1.2827) and finally 1.2998 (100-day sma). On the other hand, a breakout of 1.3310 (23.6% Fibo of 1.3459-1.2827) would expose 1.3400 (psychological handle) and then 1.3459 (high Sep.29).