USD/CAD challenge highs at 1.2930 ahead of US economic data

Haresh Menghani FXStreet

The USD/CAD pair has managed to bounce-off session low near 1.2900 region and is now approaching session high to currently trade around 1.2930, hovering around 100-day SMA.

Fresh selling pressure surrounding WTI crude oil prices is weighing on commodity-linked currency - loonie. This coupled with renewed USD buying interest, ahead of US economic releases, helped the pair to pare early losses and attempt a move back into positive territory.

US data, slated for release on Thursday include - monthly durable goods orders and weekly jobless claims data, ahead of Friday's revised US GDP print for second quarter of 2016 and the much-awaited Fed Chair Janet Yellen’s speech at Jackson Hole Symposium.

Technical levels to watch

Sustained recovery momentum above 100-day SMA resistance near 1.2930 region is likely to boost the pair immediately towards 1.3000 psychological mark resistance. Alternatively, decisive break below 1.2900-1.2890 strong support might negate possibilities of any near-term recovery and turn the pair vulnerable to head back towards retesting 1.2800 round figure mark support.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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