USD/CAD crashing landing to meet key support at 1.3280

Ross J Burland FXStreet

Currently, USD/CAD is trading at 1.3288, down -0.26% on the day, having posted a daily high at 1.3347 and low at 1.3276.

USD/CAD posted fresh lows on the back of WTI making high of $50.04 due to the possibility of a supply crunch: WTI jumps above $50 for the first time in three weeks

USD/CAD busted through 1.3320 to print fresh lows of 1.3277 in an extension of the recent supply from the 1.34 handle. However, the BoC policy decision now less than two weeks away. Key policymakers have maintained a remarkably dovish tone with recent comments from both DG Schembri and Governor Poloz highlighting ongoing concern about the economy’s material excess capacity and thus the loonie could come under pressure again when Central Banks are back in focus.

USD/CAD levels

USD/CAD is down to test a key level of support 1.3280 ahead of 1.3263 20th March lows. "We note the importance of near-term support at 1.3320 and look to sustained gains through the recent highs above 1.34," argued analysts at Scotiabank. 1.3344/50 is the near term resistance before a push through the 20-d sma at 1.3380. Yesterday's high is located at 1.3404 guarding 1.3480.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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