USD/CAD: Daily Technical Analysis For March 02, 2016

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Fundamental Analysis:

The U.S. dollar fell to nearly three-month lows against its Canadian counterpart on Tuesday’s trading session, as rising oil prices and the release of strong Canadian economic growth data lent support to the local currency.

Statistics Canada said gross domestic product expanded 0.2% in December from a month earlier, slightly higher than forecasts for growth of 0.1%. Canada’s economy grew 0.3% in November.
Meanwhile, crude oil prices remained above $34 a barrel on Tuesday as investors continued to hope for a production cut by major oil producers.


Technical Analysis:

Intra-day bias remains on the downside as 21 and 55 EMA remains crossed southward with SSRC oscillator signalling a continuation of the bearish momentum. A confirm break of 1.3385 support should bring deeper fall to 1.3270 (weekly support 2).


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