OctaFX | OctaFX Forex Broker
Open trading account

USD/CAD inching higher, near 1.2900

FXStreet (Edinburgh) - The greenback is now picking up pace vs. its Canadian counterpart on Friday, sending USD/CAD to test fresh peaks near 1.2900 the figure.

USD/CAD attention to US, CAD data

The pair is advancing for the second session in a row so far, looking to break above the 1.2900 handle on a more sustainable basis. Recent positive results from US inflation figures have been supporting USD, keeping alive at the same time the ongoing rebound from lows near 1.2830.

In the meantime, the upside in Canadian dollar has lost important tailwinds as the CAD-US spread continues to shrink and the recovery in crude oil prices seems stalled for the time being.

Next of relevance will be US Industrial Production and the Reuters/Michigan index. On the Canadian side, Manufacturing Shipments will take centre stage.

USD/CAD levels to consider

As of writing, the pair is up 0.25% at 1.2896 with the initial barrier at 1.2924 (100-day sma) followed by 1.3000 (psychological handle) and finally 1.3095 (Fibo 23.6% of 1.1916-1.3458). On the downside, a break below 1.2827 (low Oct.15) would expose 1.2800 (psychological level) and then 1.2687 (50% Fibo of 1.1916-1.3459).

EUR/USD tests 1.1350 ahead of EU CPI

The risk-on rally in the European indices appears to take a toll on the European currency versus its American peer, knocking-off EUR/USD to fresh session lows near the mid-point of the 1.13 handle.
Read more Previous

Gold keeps falling on stronger USD

Gold prices on the Comex extend the corrective mode and dives deeper in the red on the back of the uncertainty over the Fed rate hike timing and a stronger greenback.
Read more Next
Start livechat