OctaFX | OctaFX Forex Broker
Open trading account
Back

USD/CAD advances through 1.3300

FXStreet (Edinburgh) - The Canadian dollar is surrendering further ground vs. its American neighbor, lifting USD/CAD to fresh tops near 1.3320.

USD/CAD firmer ahead of US releases

After yesterday’s deep pullback towards the 1.3280 area, spot has regained the smile and is now advancing to daily highs beyond the 1.3300 handle ahead of the slew of US data.

In fact, all the attention will be on US Durable Goods Orders and Initial Jobless Claims, seconded by Personal Income/Spending. On the Canadian side, CAD traders will follow the EIA weekly report on crude inventories.

USD/CAD levels to consider

As of writing, the pair is up 0.07% at 1.3318 facing the next resistance at 1.3437 (high Nov.23) ahead of 1.3458 (2015 high Sep.29) and then 1.3500 (psychological level). On the slip side, a break below 1.3217 (38.2% Fibo of 1.3459-1.2827) would aim for 1.3192 (55-day sma) and then 1.3140 (100-day sma).

ECB to broaden QE bond buying – Reuters

A Reuters article published a few minutes ago states the European Central Bank (ECB) is considering a two tier charge on banks that park their cash at the ECB and whether to buy up regional bonds.
Read more Previous

GBP: UK autumn statement in focus today - MUFG

Derek Halpenny, European Head of GMR at MUFG, notes that the pound weakened yesterday with comments from BOE officials, including Governor Carney, in testimony at parliament suggesting there is no rush to alter the communication on rates going forward.
Read more Next
Start livechat