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USD/CAD pushes higher, 1.33 on sight

FXStreet (Edinburgh) - After climbing as high as session peaks in the boundaries of 1.3300 the figure, USD/CAD has now faded the spike and returning to the 1.3270 area.

USD/CAD higher, oil collapses

The Canadian dollar is now deriving further selling pressure from today’s slump in crude oil prices, with the barrel of West Texas Intermediate currently trading in session lows around the $45.40 area, or down more than 3%.

In addition, the bid tone surrounding the greenback remains unabated as we approach the opening bell in Wall St., collaborating with the daily leg higher.

Data wise in the US economy, the Housing Price Index rose at a monthly pace of 0.6% during July, bettering consensus. Next on tap will be the Richmond Fed Manufacturing Index followed by the speech by Atlanta Fed D.Lockhart.

USD/CAD levels to consider

The pair is now up 0.09% at 1.3267 with the next hurdle at 1.3292 (high Sep.22) followed by 1.3310 (high Sep.11) and finally 1.3327 (high Aug.31). On the other hand, a breach of 1.3216 (low Sep.22) would expose 1.3160 (low Sep.16) would and then 1.3074 (low Sep.17).

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