USD CAD advancing again
8/17/2016 11:29:26 PM
Fundamental Analysis It appears the dollar has well again the smile on Wednesday, now sending USD/CAD to the area of daily highs near 1.2875. The pair is posting gains for the first time after seven sequential sessions with losses, as the dollar is now extending its recoil after bottoming out in fresh 2-month lows in the 1.2800 neighborhood on Tuesday. Furthermore, today’s pullback in crude oil prices is removing some support from CAD, with the barrel of West Texas Intermediate floating over the $46.20 area after yesterday’s draw in crude oil stocks according to the API’s report. As of writing the pair is proceeding 0.16% at 1.2881 and a break above 1.2905 would aim for 1.2980 and then 1.3070. On the other hand, the next support aligns at 1.2800 followed by 1.2675 and ultimately 1.2650.