USD/CAD clings to 1.3000, US data eyed
|USD/CAD is holding on to the daily gains around the psychological 1.3000 handle on Monday, coming down from tops in the 1.3020/25 band.
USD/CAD now looks to US PCE
The pair has been boosted to fresh tops above the 1.3000 handle after Yellen’s hawkish speech on Friday has re-opened the door for a rate hike at the September meeting despite the current Fed’s ‘data-dependency’.
The softer tone in crude oil prices is also collaborating with CAD-weakness, as the barrel of West Texas Intermediate is shedding over 1% and is back below the $47.00 mark.
Later in the NA session, US PCE, Personal Income/Spending and the Dallas Fed manufacturing gauge are all due.
USD/CAD significant levels
As of writing the pair is gaining 0.02% at 1.3007 and a break above 1.3024 (high Aug.29) would aim for 1.3202 (high Aug.5) and finally 1.3253 (high Jul.27). On the other hand, the next support lines up at 1.2977 (20-day sma) followed by 1.2964 (base of the 4-month rising channel) and then 1.2929 (100-day sma).
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