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USD/CAD flirting with highs near 1.3350

FXStreet (Edinburgh) - The Canadian dollar keeps depreciating vs. its neighbour on Wednesday, taking USD/CAD to the area of 1.3350.

USD/CAD stronger pre-FOMC

The re-emergence of buying interest around the greenback is allowing spot to extend the current rebound from the 1.3300 neighbourhood to the mid-1.3300s as market participants get ready for the FOMC minutes due later in the NA session.

The pair could see its upside renewed with the publication of the minutes, as consensus expects the Committee to somewhat ‘confirm’ the direction towards a rate hike by the Fed at the December meeting.

USD/CAD levels to consider

As of writing, the pair is up 0.25% at 1.3344 and a breakout of 1.3360 (downtrend from 1.3458) would open the door to 1.3373 (high Nov.16) and then 1.3458 (2015 high Sep.29). On the flip side, the next support aligns at 1.3217 (38.2% Fibo of 1.3459-1.2827) ahead of 1.3187 (55-day sma) and then 1.3114 (100-day sma).

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