FXStreet (Edinburgh) – The buying interest around the US dollar remains unabated on Tuesday, now pushing USD/CAD to test intraday tops near 1.3260.
USD/CAD attention to US docket, oil
The pair is challenging weekly highs in the mid-1.3200s so far, propped up by a continuation of the recovery in the greenback ahead of today’s US releases: Richmond Fed Manufacturing Index and the speech by Atlanta Fed D.Lockhart.
The renewed softer tone in crude oil prices is adding further downside pressure to the Canadian dollar, collaborating at the same time with the intraday up move.
The recent speech by Governor S.Poloz was mainly focused on the resources sector and its potential to adjust to the shifting scenario in the commodities universe, leaving the CAD unmoved.
USD/CAD levels to consider
The pair is now up 0.03% at 1.3254 with the next hurdle at 1.3261 (high Sep.22) followed by 1.3290 (high Sep.10) and finally 1.3310 (high Sep.11). On the other hand, a breach of 1.3216 (low Sep.22) would expose 1.3160 (low Sep.16) would and then 1.3074 (low Sep.17).
(Market News Provided by FXstreet)