FXStreet (Edinburgh) – The Canadian dollar is now gaining further upside momentum, dragging USD/CAD to test fresh lows in the 1.4140/35 band.
USD/CAD lower on oil, ignores US data
The barrel of West Texas Intermediate is testing session highs in the boundaries of the $31.00 mark today, reverting the initial weakness and lending extra support to the Canadian currency.
In the data space, spot failed to regain upside traction despite the S&P/Case-Shiller index and the Housing Price Index gauged by the Federal Housing Finance Agency have both come in above expectations for the month of November. Next on tap will be Markit’s Services PMI seconded by the more relevant CB’s Consumer Confidence.
USD/CAD significant levels
As of writing the pair is losing 0.93% at 1.4137 and a break below 1.4111 (low Jan.22) would aim for 1.3818 (3-month uptrend) and finally 1.3516 (100-day sma). On the other hand, the next up barrier lines up at 1.4692 (high Jan.20) followed by 1.4946 (high Apr.7 2003) and then 1.5000 (psychological handle).
(Market News Provided by FXstreet)