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USD/CAD climbs to highs pre-BoC

FXStreet (Edinburgh) - The greenback is extending its upbeat momentum vs. its northern neighbour, pushing USD/CAD to session highs beyond 1.1240.

USD/CAD attention to the BoC, data

Key day for the Canadian dollar, as the BoC will hold its monetary policy meeting followed by the more relevant October Monetary Policy Report (MPR). Paul Fage, Senior EM Strategist at TD Securities. Assessed, “Governor Poloz has no incentive to sound upbeat and recent developments will give him ample justification to maintain his cautious tone. The forward looking language is not likely to change substantially with the Bank holding on to their neutral bias, but the document as a whole is likely to feel dovish”. Still in Canada, Retail Sales are also due, with consensus expecting a flat reading in August and a 0.2% gain from the core print. In the US economy, the focus will be on September’s inflation figures gauged by the CPI, with headline consumer prices expected at 1.6% YoY.

USD/CAD levels to consider

At the moment the pair is up 0.13% at 1.1236 with the next resistance at 1.1297 (high Oct.21) ahead of 1.1360 (high Oct.16) and then 1.1385 (2014 high Oct.15). On the flip side, a breakdown of 1.1216 (low Oct.22) would open the door to 1.1202 (low Oct.21) and finally 1.1200 (psychological level).

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