USD/CAD Keeps Highs Near 1.2870, US CPI Eyed
The greenback is pushing higher vs. its Canadian peer on Thursday, with USD/CAD testing the area of session highs near 1.2870.
USD/CAD focus on oil, US data
Spot
is now advancing for the second consecutive session amidst a solid
recovery of the greenback in the global markets, managing to rebound
from yesterday’s post-BoC lows near 1.2740.
Adding to the upside,
CAD is tracking a correction lower in the barrel of West Texas
Intermediate from Wednesday’s fresh 2016 highs around $42.40 after the
EIA has reported another build up in crude inventories (+6.63 million
barrels).
Next on tap will be US CPI figures along with Initial
Claims. In Canada, New Housing Price index is due for the month of
February.
USD/CAD significant levels
As
of writing the pair is up 0.31% at 1.2856 and a breakout of 1.3046
(20-day sma) would open the door to 1.3208 (23.6% Fibo of 1.4692-1.2750)
and then 1.3219 (high Apr.5). On the flip side, the next support aligns
at 1.2744 (2016 low Apr.13) followed by 1.2652 (low Jul.10 2015) and
finally 1.2124 (monthly low Jun.24 2015).
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