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USD/CAD in highs near 1.0960

FXStreet (Edinburgh) - The greenback is resuming its rally on Friday, taking the USD/CAD to test session highs near 1.0960.

USD/CAD focus on CPI

The pair is extending its bounce off overnight lows in the 1.0930 area, ahead of the key inflation figures due in Canada later. Market consensus expects headline consumer prices to expand at an annual rate of 2.3% in July, down from June’s 24%; Core prices are expected to tick higher to 1.9% over the last twelve months vs. 1.8% YoY previous. “Short, medium and long-term trend studies are still bullishly aligned so we expect softness to base around short-term trend support at 1.0934 currently”, noted Shaun Osborne, Chief FX Strategist at TD Securities.

USD/CAD levels to watch

At the moment the pair is up 0.14% at 1.0957 and a breakout of 1.0987 (high Aug.21) would open the door to1.1007 (high May 2) and then 1.1053 (high Apr.23). On the flip side, the next support aligns at 1.0933 (low aug.20) ahead of 1.0899 (high Aug.18) and finally 1.0870 (200-d MA).

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