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USD/CAD testing highs above 1.1400

FXStreet (Edinburgh) - The greenback is slowly inching higher on Thursday, pushing USD/CAD to session highs in the vicinity of 1.1430.

USD/CAD firmer post-US data, Ivey PMI eyed

Spot keeps reverting yesterday’s pullback to sub 1.1380 levels. Better-than-expected Initial Claims, dropping to 278K in the week ending on November 1st are now underpinning the USD upside along with a gain of 2.0% in Non-farm Productivity during the third quarter. On the Canadian side, Building Permits rose 12.7% MoM in September, leaving behind estimates and previous sharp contraction. Next of relevance will be the Canadian PMI tracked by Ivey, with consensus expecting the indicator to ease to 5.70 in October vs. 58.6 previous.

USD/CAD levels to watch

The pair is now up 0.27% at 1.1420 with the next resistance at 1.1466 (high Nov.5) ahead of 1.1497 (day uptrend channel) and then 1.1500 (psychological level). On the flip side, a breakdown of 1.1340 (low Nov.4) would aim for 1.1300 (psychological level) and then 1.1294 (Tenkan Sen).

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