FXStreet (Edinburgh) – The buying interest around the greenback is gathering further steam today, pushing USD/CAD back above the 1.3700 mark.
USD/CAD bid after US data, BoC eyed
Spot is extending its bounce off session lows in the 1.3680/70 band posted in early trade, bolstered by in-line results from US inflation figures for the month of November and an auspicious print from the Empire State index.
Next of relevance for the pair will be the housing index tracked by NAHB followed by the BoC Review and subsequent press conference by Governor S.Poloz.
USD/CAD levels to consider
As of writing, the pair is retreating 0.18% at 1.3712 with the next support at 1.3408 (2-month uptrend) ahead of 1.3253 (55-day sma) and then 1.3230 (100-day sma). On the other hand, a break above 1.4000 (monthly high May 2004) would expose 1.4195 (monthly high Jul.2003).
(Market News Provided by FXstreet)