USD/CAD advances to highs near 1.3380, data, EIA eyed

Pablo Piovano FXStreet

The Canadian dollar is depreciating further vs. its American neighbour on Wednesday, with USD/CAD now inching higher to the 1.3380 area.

USD/CAD focus on data, EIA

The pair has reverted the initial knee-jerk to the vicinity of 1.3330 following another retracement in crude oil prices.

In fact, the barrel of West Texas Intermediate is down nearly 1.6% and is currently challenging the $49.00 key support, removing tailwinds from CAD at the same time.

In the meantime, the selling bias remains quite firm around the buck following some profit taking after recent strong gains, while poll results showing US Republican presidential candidate D.Trump leading the intention vote in Florida could have also collaborated with the downside.

Ahead in the NA session, the US DoE’s weekly report on crude oil inventories is due, along with Services PMI, New Home Sales and Goods Trade Balance.

USD/CAD significant levels

As of writing the pair is advancing 0.13% at 1.3368 and a breakout of 1.3398 (high Oct.24) would open the door to 1.3575 (50% Fibo of the 2016 drop) and finally 1.3839 (61.8% Fibo of the 2016 drop). On the other hand, the initial support emerges at 1.3210 (20-day sma) ahead of 1.3142 (200-day sma) and then 1.3002 (low Oct.19).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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