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USD/CAD in session highs near 1.1320

FXStreet (Edinburgh) - The greenback is pushing higher at the beginning of the week, lifting USD/CAD to the 1.1315/20, or intraday highs.

USD/CAD focus on US data

Spot managed to rebound from the overnight band around 1.1280, regaining 1.1300 the figure ahead of data releases from the US industrial sector: Industrial Production (0.2% exp.) and Capacity Utilization (79.3% exp.). Previous data showed the Empire State manufacturing index missing estimates at 10.16 during October, albeit higher than September’s 6.17 print. According to strategists at TD Securities, “On the charts, we see firm support in the low 1.12s still (channel and 40-day MA) and look for USD losses to slow and reverse from here in the near-term”.

USD/CAD key levels

At the moment the pair is up 0.40% at 1.1321 and a surpass of 1.1394 (high Nov.14) would expose 1.1402 (high Nov.11) and then 1.1450 (high Nov.7). On the flip side, the immediate support aligns at 1.1269 (low Nov.17) ahead of 1.1264 (low Nov.14) and finally 1.1253 (61.8% of 1.1122-1.1466).

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