USD/CAD Keeps Highs Near 1.2940
The better tone in the greenback has pushed USD/CAD to the upper band of the range near 1.2940.
USD/CAD focus on oil, US data
Auspicious results from the US docket on Tuesday plus hawkish comments
from FOMC’s Lockhart and Williams have lent extra support to the US
dollar, which seems to have resumed last week’s rally.
On the CAD side, the barrel of West Texas Intermediate
is now attempting a consolidative pattern albeit it keeps the area of
2016 highs above the $48.00 mark.
Data wise in the US, the FOMC minutes will grab all the attention later
in the NA session, seconded by the weekly report on crude inventories by
the EIA.
USD/CAD significant levels
As of writing the pair is advancing 0.25% at 1.2940 and a breakout of
1.2968 (55-day sma) would open the door to 1.3015 (high May 9) and then
1.3219 (high Apr.5). On the other hand, the immediate support aligns at
1.2776 (20-day sma) followed by 1.2768 (low May 12) and finally 1.2461
(2016 low May 3).
