28 Mar 2016
USD/CAD trims losses as oil drops
Oil benchmarks surrendered gains, helping the USD/CAD recover from the session low of 1.3229 to trade around 1.3250 levels.
Eyes US data
The immediate focus now is on the US data, which is expected to show personal spending and income growth slowed in February. Traders would also keep an eye on core personal consumption expenditure. This will be followed by pending home sales and Dallas Fed manufacturing index release.
Heading into the data release, the spot remains at the mercy of oil prices, which appear wobbly on account of oversupply concerns.
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).
Eyes US data
The immediate focus now is on the US data, which is expected to show personal spending and income growth slowed in February. Traders would also keep an eye on core personal consumption expenditure. This will be followed by pending home sales and Dallas Fed manufacturing index release.
Heading into the data release, the spot remains at the mercy of oil prices, which appear wobbly on account of oversupply concerns.
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).