FXStreet (Edinburgh) – The softer tone in the Canadian dollar is lifting USD/CAD to session highs just above the 1.3260 area.
USD/CAD focus on US data
Choppy week for the pair so far, with the lack of direction being the salient point, as market participants still remain divided regarding the timing of the Fed’s lift-off, although a rate hike this month has significantly run out of steam.
On the Canadian side, the recent meeting by the BoC left its benchmark rates unchanged while it assessed at the same time that the adjustment of the domestic economy is going on as anticipated.
Next on tap for the pair will be Producer Prices and the confidence gauge tracked by the Reuters/Michigan index, both due in the US later.
USD/CAD levels to consider
The pair is up 0.01% at 1.3252 and a break above 1.3290 (high Sep.10) would open the door to 1.3310 (high Sep.8) and finally 1.3327 (high Aug.31). On the other hand, the immediate support lines up at 1.3154 (low Sep.9) followed by 1.3116 (low Aug.31) and then 1.3156 (low Aug.21).
(Market News Provided by FXstreet)