FXStreet (Edinburgh) – The greenback keeps picking up pace vs. its Canadian peer on Wednesday, with USD/CAD flirting with session peaks near 1.3770/80.
USD/CAD firmer ahead of data, FOMC
Spot is recovering the ground lost in recent sessions propped up by a rising bid tone around the US dollar, trading at shouting distance from cycle tops just above 1.3780.
Key day ahead for the pair and its aspirations of climbing further, as the Federal Reserve is expected to announce the long-waited lift-off at today’s meeting. Other US releases comprise Housing Starts, Building Permits, Industrial Production, Capacity Utilization and flash Markit’s Manufacturing PMI. In the Canadian data space, only Canadian foreign transactions are due.
USD/CAD levels to consider
As of writing, the pair is gaining 0.16% at 1.3762 and a break above 1.4000 (monthly high May 2004) would expose 1.4195 (monthly high Jul.2003). On the other hand, the next support lines up at 1.3420 (2-month uptrend) ahead of 1.3255 (55-day sma) and then 1.3231 (100-day sma).
(Market News Provided by FXstreet)