USD/CAD Down After Rejection of Key Area

USD/CAD - H4

The current week starts with losses, same way the previous ended, despite the fact that it constituted its third straight profitable one and was accompanied by new month highs. Overall sentiment has been mostly upbeat today, following solid economic release from China, sending investors towards commodity currencies and the pair lower.

Friday's losses failed to lead to a weekly close above key the 200Day EMA and today's slide exposes it to the 200H4 EMA (at around 1.2480-70). Below this level, sellers will have the ability to challenge 1.2430, but November lows (1.2351-41) are distant.

Despite this precarious position, the correction in oil prices is supportive for USD/CAD and it has not lost the ability to take another crack at the 200Day EMA (at around 1.2580), which will keep 1.2629 in its sight.

Over the next few days, there are some key economic releases that can affect the pair's trajectory, starting with US Retail Sales on Tuesday and Canada's CPI Inflation on Wednesday.


Past Performance: Past Performance is not an indicator of future results.

Nikos Tzabouras

Senior Market Specialist

Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. He has a long time presence at FXCM, as he joined the company in 2011. He has served from multiple positions, but specializes in financial market analysis and commentary.

With his educational background in international relations, he emphasizes not only on Technical Analysis but also in Fundamental Analysis and Geopolitics – which have been having increasing impact on financial markets. He has longtime experience in market analysis and as a host of educational trading courses via online and in-person sessions and conferences.

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