USD/CAD comes down to break below 1.3700

By FXStreet The buying interest around the Canadian dollar is dragging USD/CAD lower today, now testing lows in the 1.3700/1.3690 band.

USD/CAD lower as oil gathers pace

The barrel of West Texas Intermediate is trading in multi-day highs at the beginning of the week, lending extra support to CAD and thus relegating spot to put the 1.3700 key support to the test.

Data wise in the US economy, the Chicago Fed National Activity Index has surprised to the upside today, coming in at 0.28 for the month of January vs. 0.10 expected and December’s -0.34.

USD/CAD significant levels

As of writing the pair is down 0.55% at 1.3692 facing the next support at 1.3635 (low Feb.4) ahead of 1.3630 (100-day sma) and finally 1.3248 (200-day sma). On the flip side, a surpass of 1.3872 (20-day sma) would expose 1.3976 (55-day sma) and then 1.4327 (high Jan.26).
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Source:: FX Street