USD/CAD cautious below 1.3400 ahead of US events

Pablo Piovano FXStreet

USD/CAD is trading in a tight range early in the European morning, hovering over the 1.3370/75 region ahead of US elections.

USD/CAD focus on US, oil

The pair has deflated from recent peaks above the 1.3400 handle, losing ground for the second session in a row as market participants are waiting for today’s US elections results.

According to latest polls, Hillary Clinton remains in the lead by 2-4 pts. over its Republican adversary Donald Trump, although a cautious mood is set to prevail in the global markets until the final results.

On a secondary role, JOLTs Jobs Openings during September are due later in the day followed by the speech by Chicago Fed C.Evans (2017 voter, dovish) and the API’s weekly report on crude supplies.

In Canada, Housing Starts and Building Permits are due along with the speech by BoC Deputy Governor L.Schembri on the prospects of Canadian exports.

USD/CAD significant levels

As of writing the pair is up 0.05% at 1.3372 facing the next up barrier at 1.3466 (high Nov.4) followed by 1.3575 (50% Fibo of the 2016 drop) and finally 1.3839 (61.8% Fibo of the 2016 drop). On the other hand, a break below 1.3309 (low Nov.8) would aim for 1.3181 (55-day sma) and then 1.3002 (low Oct.19).

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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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