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USD/CAD shoots higher, 1.3380 eyed

FXStreet (Edinburgh) - The greenback is now picking up further pace vs. its Canadian counterpart on Monday, sending USD/CAD to daily tops near 1.3380.

USD/CAD firmer on oil, eyes US data

The pair remains on track to visit the boundaries of 1.3400 the figure today, with the upside momentum propped up by a re-emergence of the bid tone around USD. The offered tone surrounding the Canadian dollar has gathered further traction in response to the slump in the West Texas Intermediate, dropping more than 2% as of writing.

Next on tap will be US inflation figures measured by the PCE, Pending Home Sales, Personal Income/Spending and the Dallas Fed manufacturing index.

USD/CAD levels to consider

The pair is now up 0.22% at 1.3366 with the next resistance at 1.3380 (high Sep.28) followed by 1.3418 (high Sep.24) and then 1.3495 (high Jun.29 2004). On the flip side, a breach of 1.3303 (low Sep.25) would aim for 1.3233 (low Sep.23) and finally 1.3216 (low Sep.22).

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