USD/CAD bounced off lows near 1.3170, data, API eyed

Pablo Piovano FXStreet

The Canadian dollar is posting moderate gains vs. its American neighbor on Tuesday, sending USD/CAD to the lower band of the range near 1.3170.

USD/CAD lower on risk pick up, API eyed

CAD has managed to revert the initial weakness towards the 1.3280 area vs. the buck following dovish comments by Governor S.Poloz, who suggested the economy could need 1-3 years to restructure in light of the oil shock. Poloz is scheduled to speak later today on ‘Cross-Border Integration and Monetary Policy’.

However, and back to the US, market perceived Secretary H.Clinton as the winner of the first presidential debate yesterday, boosting the risk-on trade and prompting CAD to recover the ground lost.

Later in the session, the S&P/Case-Shiller index, Markit’s Services PMI and Consumer Confidence measured by the Conference Board will be in the limelight followed by the weekly report on crude stockpiles by the API and the speech by FOMC’s S.Fischer.

USD/CAD significant levels

As of writing the pair is losing 0.36% at 1.3178 facing the next support at 1.2996 (low Sep.22) ahead of 1.2818 (low Sep.7) and then 1.2759 (low Aug.18). On the other hand, a break above 1.3276 (high Sep.27) would open the door to 1.3311 (38.2% Fibo of the 2016 drop) and finally 1.3575 (50% Fibo of the 2016 drop).

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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