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Fundamental Analysis
USD/CAD
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[QUOTE="HotForexsignal, post: 159226, member: 58463"] [B]USD/CAD hangs heavy 3-month lows, just out cold 1.3100 handle[/B] [I] The USD builds on Fridays postscript-data rebound and seemed to extend some withhold. Bullish oil prices continue to underpin Loonie and capped the attempted recovery.[/I] The USD/CAD pair struggled to register any meaningful recovery and remained within striking disaffect of stuffy three-month lows set almost Friday. The pair extended its recent bearish trajectory from levels on the zenith of mid-1.3600s and finally broke through the enormously important 200-hours of daylight SMA preserve upon Friday in addition to a mighty upsurge in slapdash oil prices, which tends to underpin request for the commodity-connected currency - Loonie. In fact, the barrel of West Texas Intermediate (WTI) held stable stuffy mid-$55.00s, its highest level back November 21, and remained supported by a drop in OPEC output in January to the lowest level in two years and the Baker Huges report that showed a decrease in the quantity number of spacious oil rigs in the US. Meanwhile, Friday's stellar headline NFP print followed by upbeat US ISM manufacturing PMI helped ease the reveal-FOMC bearish pressure surrounding the US Dollar and turned out to be the lonesome factor that helped limit additional downside, at least for the epoch being. Currently hovering just a few pips below the 1.3100 handles, the pair seems more likely to extend its slanting consolidative price comport yourself along together along surrounded by absent relevant puff disturbing economic releases either from the US or Canada and ahead of this week's comments by a slew of influential FOMC members [/QUOTE]
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