USD/CAD keeps the upbeat tone below 1.3100

The pair trades closer to the key up barrier at 1.3100 the figure.
USD gathers steam and advances to session highs tracked by DXY.
US Industrial Production, Consumer Sentiment beat estimates.

Pablo Piovano FXStreet

The now better tone surrounding the greenback is lifting USD/CAD to fresh YTD peaks just below 1.3100 the figure.

USD/CAD firmer on US data

The pair is extending the rally for the second session in a row today, moving to the vicinity of the key 1.3100 milestone on the back of the persistent weakness around the Canadian Dollar and the now upside bias in its neighbour.

USD now regained some momentum following auspicious results from US Industrial and Manufacturing Production for the month of February, while the flash gauge of US Consumer Sentiment came in at 102.0, the highest level since 2004.

Adding to CAD-weakness, Manufacturing Sales contracted more than initially estimated during January, 1.0%.

In the meantime, spot continues to track the performance of US-CA yield spreads, mainly in the shorter end of the curve, which continue to widen in support of the greenback.

USD/CAD significant levels

As of writing the index is up 0.32% at 1.3082 facing the next up barrier at 1.3096 (2018 high Mar.16) seconded by 1.3132 (61.8% Fibo of 2017 drop) and finally 1.3349 (high Jun.21 2017). On the downside, a breach of 1.2936 (10-day sma) would aim for 1.2927 (50% Fibo of the 2017 drop) and then 1.2803 (low Mar.12).

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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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