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USD/CAD holding on above 1.3400

FXStreet (Edinburgh) - The greenback is clinging to its daily gains vs. its Canadian counterpart on Tuesday, sending USD/CAD to the 1.3415/20 band.

USD/CAD focus on US docket

The pair continues to inch higher during the first half of the week, looking to consolidate the break above the key 1.3400 handle. In the meantime, USD-dynamics remain the almost exclusive driver for the pair’s price action, while the performance of crude oil prices keeps weighing on CAD.

Next of relevance in the pair will be CB’s Consumer Confidence and the S&P/Case-Shiller index, all in the US docket. Back to Canada, GDP figures will be the next risk event, with consensus expecting the economy to have expanded at a monthly pace of 0.2% during July.

USD/CAD levels to consider

The pair is now up 0.14% at 1.3415 with the next hurdle at 1.3433 (high Sep.29) followed by 1.3495 (high Jun.29 2004) and then 1.3500 (psychological level). On the flip side, a break below 1.3387 (low Sep.29) would open the door to 1.3303 (low Sep.25) and finally 1.3233 (low Sep.23).

GBP/USD rejected at 1.5200, drops to hourly 20-MA

The GBP/USD recovery lost steam just ahead of 1.52 barrier and the major retraced to the hourly 20-MA support in the European session amid persisting risk-off sentiment, which curbs the demand for riskier assets such as the GBP.
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