19 Jan 2016
USD/CAD sinks to 1.4440,oil recovers
FXStreet (Edinburgh) - The Canadian dollar is following the rest of the risk-associated assets today, now sending USD/CAD to test daily lows in the mid-1.4400s.
USD/CAD lower on Chinese GDP
The bid tone around the Canadian dollar has accelerated along with the rest of the risk-associated assets as market participants have already digested earlier disappointing results in the Chinese economy.
In addition, the barrel of West Texas Intermediate is recovering further and flirting with the $31.00 mark after dropping to sub-$30.00 levels in past sessions.
USD/CAD significant levels
At the moment the pair is losing 0.77% at 1.4446 and a breakdown of 1.4128 (20-day sma) would aim for 1.3793 (low Dec.24) and finally 1.3763 (3-month uptrend). On the other hand, the next hurdle lies at 1.4654 (high Jan.18) followed by 1.4672 (high Apr.24 2003) and then 1.4946 (high Apr.7 2003).
USD/CAD lower on Chinese GDP
The bid tone around the Canadian dollar has accelerated along with the rest of the risk-associated assets as market participants have already digested earlier disappointing results in the Chinese economy.
In addition, the barrel of West Texas Intermediate is recovering further and flirting with the $31.00 mark after dropping to sub-$30.00 levels in past sessions.
USD/CAD significant levels
At the moment the pair is losing 0.77% at 1.4446 and a breakdown of 1.4128 (20-day sma) would aim for 1.3793 (low Dec.24) and finally 1.3763 (3-month uptrend). On the other hand, the next hurdle lies at 1.4654 (high Jan.18) followed by 1.4672 (high Apr.24 2003) and then 1.4946 (high Apr.7 2003).