USD/CAD bounces off daily lows, back near 1.3370

The Canadian Dollar has reverted the initial selling bias and is now pushing USD/CAD to test fresh lows in the vicinity of 1.3360, albeit rebounding soon afterwards.

USD/CAD down despite US upbeat data

The pair came under renewed selling pressure despite US Consumer Confidence tracked by the Conference Board climbed to 125.6 for the month of March, the highest level since December 2000.

Other better-than-expected results saw home prices gauged by the S&P/Case-Shiller index rising at an annualized 5.7% in January and Goods Trade deficit shrunk to $64.8 billion during last month from nearly $69 billion.

CAD seems to derive support today from the revitalized crude oil prices, which are lifting the barrel of West Texas Intermediate beyond the $48.00 mark and challenging at the same time 3-day tops.

In the meantime, BoC’s Governor S.Poloz is giving a speech at Durham College on ‘Canada’s economic history’. While there is no mention of monetary policy at his speech so far, the subsequent press conference could add some volatility on that matter.

USD/CAD significant levels

As of writing the pair is losing 0.01% at 1.3375 and a break below 1.3364 (low Mar.28) would aim for 1.3319 (low Mar.27) and finally 1.3298 (100-day sma). On the other hand, the initial hurdle lines up at 1.3414 (high Mar.28) followed by 1.3496 (high Mar.14) and then 1.3536 (2017 high Mar.9).