FXStreet (Edinburgh) – The greenback is posting meager gains vs. its Canadian neighbor on Thursday, with USD/CAD navigating a narrow range around 1.3300 the figure.
USD/CAD down from 1.3440
The pair is consolidating around current levels following the correction lower from Monday’s highs in the 1.3440 area, with USD-dynamics and the performance of crude oil prices still the exclusive drivers for the pair’s price action.
Moving forward to next week’s docket, key Canadian GDP figures are due ahead of the monthly report on the domestic labour market. It will be a critical week in the US, with the ISM Manufacturing, ADP report, Yellen’s testimony and finally November’s Non-farm Payrolls, all against the backdrop of increasing expectations of a Fed’s lift-off next month.
USD/CAD levels to consider
As of writing, the pair is up 0.01% at 1.3298 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 1.3146 (100-day sma).
(Market News Provided by FXstreet)