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USD/CAD in highs near 1.2960, BoC eyed

FXStreet (Edinburgh) - The Canadian dollar is now rapidly depreciating vs. its American peer, lifting USD/CAD to fresh tops in the vicinity of 1.2960.

USD/CAD focus on elections, BoC

Spot is extending its bounce off last week’s multi-month lows in the 1.2880 areas backed by a re-emergence of the bid tone around the greenback. However, the cautious tone is poised to grow bigger around CAD in light of today’s elections, where the Liberal J.Trudeau is expected to win by a narrow margin.

In the same direction, the BoC is holding its monetary policy meeting on Wednesday. In spite of consensus expecting the central bank to remain on hold, market participants will closely follow the BOC’s update of its Monetary Policy Report.

USD/CAD levels to consider

As of writing, the pair is up 0.24% at 1.2945 with the initial barrier at 1.3000 (psychological handle) ahead of 1.3095 (Fibo 23.6% of 1.1916-1.3458) and then 1.3162 (55-day sma). On the downside, a break below 1.2827 (low Oct.15) would expose 1.2800 (psychological level) and finally 1.2687 (50% Fibo of 1.1916-1.3459).

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