USD/CAD clings to 1.3000, US data eyed

Pablo Piovano FXStreet

USD/CAD is holding on to the daily gains around the psychological 1.3000 handle on Monday, coming down from tops in the 1.3020/25 band.

USD/CAD now looks to US PCE

The pair has been boosted to fresh tops above the 1.3000 handle after Yellen’s hawkish speech on Friday has re-opened the door for a rate hike at the September meeting despite the current Fed’s ‘data-dependency’.

The softer tone in crude oil prices is also collaborating with CAD-weakness, as the barrel of West Texas Intermediate is shedding over 1% and is back below the $47.00 mark.

Later in the NA session, US PCE, Personal Income/Spending and the Dallas Fed manufacturing gauge are all due.

USD/CAD significant levels

As of writing the pair is gaining 0.02% at 1.3007 and a break above 1.3024 (high Aug.29) would aim for 1.3202 (high Aug.5) and finally 1.3253 (high Jul.27). On the other hand, the next support lines up at 1.2977 (20-day sma) followed by 1.2964 (base of the 4-month rising channel) and then 1.2929 (100-day sma).

1 Week
1 Month
1 Quarter

1 Week

Avg Forecast 1.2852

40% Bullish
60% Bearish
0% Sideways

Bias Bearish

1 Month

Avg Forecast 1.2926

45% Bullish
36% Bearish
18% Sideways

Bias Bullish

1 Quarter

Avg Forecast 1.3178

58% Bullish
0% Bearish
42% Sideways

Bias Bullish

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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