USD/CAD extends the bounce to 1.3200

Pablo Piovano FXStreet

USD/CAD is back around the 1.3200 handle after briefly visiting overnight lows in the 1.3160 region.

USD/CAD attention to FOMC, EIA

Spot has tested 4-month highs in the 1.3240/45 band on Tuesday, although the move seems to have run out of steam since then.

CAD remains on the defensive nonetheless, as the barrel of West Texas Intermediate has broken below the key $43.00 mark ahead of the weekly EIA report on crude inventories.

In addition, USD will take centre stage later in the European evening in light of the FOMC gathering, with consensus leaning towards a somewhat hawkish tone from the Committee. Recall that there will be no press conference by Chair J.Yellen or updated forecasts.

USD/CAD significant levels

As of writing the pair is advancing 0.08% at 1.3198 and a breakout of 1.3244 (high Jul.26) would target 1.3311 (38.2% Fibo of the 2016 down move) en route to 1.3575 (50% Fibo of the 2016 down move). On the flip side, the initial support is located at 1.2858 (low Jul.14) followed by 1.2827 (low Jul.4) and finally 1.2674 (low Jun.23).

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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