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USD/CAD keeps highs pre-FOMC

FXStreet (Edinburgh) - USD/CAD is slowly edging higher ahead of the release of the key FOMC minutes in the US economy.

USD/CAD regains 1.1350

The underlying bid tone around the US dollar has been bolstering the intraday upside in the pair, advancing for the second consecutive session ahead of the FOMC minutes. Data wise in the US, Building Permits increased above consensus to 1.080 M in October, whereas Housing Starts dropped to 1.009 M vs. September’s 1.038 M. “The broader trend higher remains intact but there is no momentum on the shorter-term studies to suggest that a break higher is imminent. We still favour looking to buy USD dips”, observed analysts at TD Securities.

USD/CAD levels to watch

At the moment the pair is up 0.40% at 1.1344 with the next resistance at 1.1394 (high Nov.14) ahead of 1.1402 (high Nov.11) and finally 1.1450 (high Nov.7). On the flip side, a breakdown of 1.1295 (low Nov.19) would open the door to 1.1260 (low Nov.18) and then 1.1253 (61.8% of 1.1122-1.1466).

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