USD/CAD flirting with highs near 1.2930
|The renewed bid tone around the greenback is pushing USD/CAD to test the upper bound of the range near 1.2930.
USD/CAD looks to EIA’s report
Spot is recovering the ground lost on Tuesday’s pullback to the mid-1.2800s, retaking the 1.2900 handle and beyond and backed by a firmer note in USD amidst swelling cautiousness ahead of Yellen’s speech on Friday.
Collaborating with the upside, US crude oil stockpiles have increased by nearly 4.5 million barrels during last week, according to yesterday’s report by API. In addition, gasoline inventories rose by more than 2.2 million barrels, somewhat limiting the downside in crude prices.
Ahead in the session, Existing Home Sales and the weekly report on crude oil inventories by the EIA are due in the US calendar.
USD/CAD significant levels
As of writing the pair is advancing 0.20% at 1.2938 and a break above 1.2966 (high Aug.22) would aim for 1.3001 (20-day sma) and then 1.3202 (high Aug.5). On the flip side, the next support aligns at 1.2759 (low Aug.18) followed by 1.2674 (low Jun.23) and finally 1.2651 (low Jun.8).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.