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USD/CAD shoots to highs near 1.3340

FXStreet (Edinburgh) - The upside momentum in the US dollar is picking up pace now, sending USD/CAD to test session highs in the 1.3340/45 band so far.

USD/CAD firmer post-data

The pair has seen its upside reinvigorated after US Durable Goods Orders have surprised markets to the upside during October, expanding at a monthly pace of 3.0%. Initial Claims have also come in on the stronger side, dropping to 260K in the week ended on November 20. Personal Income has surpassed expectations at 0.4% while Personal Spending has risen 0.1%, below prior surveys.

Ahead in the session, Markit’s Services PMI, New Home Sales and the Reuters/Michigan index are all due ahead of tomorrow’s Thanksgiving day holiday.

USD/CAD levels to consider

As of writing, the pair is up 0.17% at 1.3331 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).

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