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USD/CAD climbs above 1.1400

FXStreet (Edinburgh) - The US dollar extends its gains vs. its fellow neighbour on Tuesday, pushing USD/CAD to print fresh multi-year highs in the 1.1415/20 band.

USD/CAD above 1.1400

The CAD remains unable to gather traction despite the risk-on context at the beginning of the week. The recent dovish appreciations by Governor Poloz arguing there is no rush to tight the monetary policy, plus the accentuated drop in the crude oil prices (currently near $76.50/bbl) remain plotting against any recovery attempt by the Loonie. Ahead in the day, Canadian/US trade balance results and Factory Orders are due, although the current upside momentum in the pair seems too strong to be offset by any of these indicators.

USD/CAD levels to consider

As of writing the pair is advancing 0.56% at 1.1421 and a surpass of 1.1446 (pivot point Nov.4) would open the door to 1.1497 (day uptrend channel) and then 1.1500 (psychological level). On the other side, the immediate support lines up at 1.1340 (low Nov.4) followed by 1.1264 (low Nov.3) ahead of 1.1253 (Tenkan Sen).

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