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USD/CAD off highs, back near 1.3140 ahead of data

After advancing to daily highs in the 1.3160 area, USD/CAD has now eased some pips and has returned to the 1.3140 region.

USD/CAD focus on data

The pair is now looking to stabilize in the 1.3140 area, where sits the key 200-day sma, keeping the firm tone for the second straight session and bouncing off yesterday’s lows in the 1.3095/90 band.

In the meantime, the greenback continues to consolidate the weekly upside, recently boosted by comments from President Donald Trump, who hinted that a (‘phenomenal’) tax reform could be announced in the near term.

Yields in the US money markets are also extending the rebound from weekly lows, collaborating with the USD strength via wider spread vs. its Canadian peers.

On the opposite direction, crude oil prices remain on the rise despite massive increases in crude supplies as reported by the API (Tuesday) and the EIA (Wednesday), although CAD’s correlation to prices lost momentum in recent weeks.

Data wise in the US docket, Export/Import Price index are due seconded by the flash Reuters/Michigan index fir the month of February. In Canada, January’s labour market figures will take centre stage.

USD/CAD significant levels

As of writing the pair is losing 0.02% at 1.3142 facing the next support at 1.3091 (low Feb.9) seconded by 1.3016 (low Jan.17) and then 1.2967 (low Jan.31). On the other hand, a surpass of 1.3215 (high Feb.7) would aim for 1.3261 (55-day sma) and finally 1.3311 (38.2% Fibo of the 2016 drop).

AG Markets Review

Friday, 10 Feb, 2017 / 4:07

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