USD/CAD drops further, focus on Doha

By FXStreet The Canadian dollar is gaining further traction on Tuesday, now dragging USD/CAD to print daily lows near 1.3740.

USD/CAD looks to Doha, oil

The pair is accelerating its recent break below the 1.3800 key support in response to a solid rebound of crude oil prices, with the barrel of West Texas Intermediate now clinching the $31.00 mark per barrel ahead of the oil producers meeting in Doha.

In the meantime, spot is trading in 2-week lows in the 1.3745/40 band, so far extending the negative streak to 5 weeks after the rejection from January’s cycle highs near 1.4700 the figure.

USD/CAD significant levels

As of writing the pair is losing 0.65% at 1.3743 facing the next support at 1.3711 (100-day sma) ahead of 1.3635 (low Feb.4) and then 1.3536 (9-monthuptrend). On the other hand, a break above 1.3936 (20-day sma) would expose 1.4103 (high Feb.3) and then 1.4327 (high Jan.26).
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Source:: FX Street