USD/CAD retreats from tops, back near 1.3380

Pablo Piovano FXStreet

The greenback has lost some upside feeling vs. its Canadian neighbor on Wednesday, now sending USD/CAD back to the 1.3380 area following the opening bell in Euroland.

USD/CAD upside capped in the low-1.3400s

After advancing to fresh tops beyond the 1.3400 handle late on Tuesday, the pair met some selling pressure and has now slipped back to the 1.3385/80 band despite the continuation of the USD recovery.

Spot is thus advancing for the second consecutive session, prolonging the bounce of Monday’s lows in the proximity of 1.3320 although finding some tough resistance around the Fibo retracement of the 2017 up move just above 1.3400 the figure.

Recent CAD weakness was accentuated by the dovish tone from BoC’s S.Poloz at his press conference following his speech on ‘Canada’s economic history’ on Tuesday, leaving the BoC-Fed policy divergence as the main driver behind the pair’s price action seconded by crude oil dynamics.

On the data front, absent releases in Canada should leave the bulk of the attention to the US docket, with Pending Home Sales, the EIA’s weekly report on crude oil inventories and speeches by Chicago Fed C.Evans (voter, dovish), Boston Fed E.Rosengren (2019 voter, dovish) and San Francisco Fed J.Williams (2018 voter, centrist) all expected later.

USD/CAD significant levels

As of writing the pair is losing 0.04% at 1.3379 and a break below 1.3351 (low Mar.28) would aim for 1.3319 (low Mar.27) and finally 1.3298 (100-day sma). On the other hand, the initial hurdle lines up at 1.3402 (23.6% Fibo of the 2017 upside) followed by 1.3415 (high Mar.28) and then 1.3496 (high Mar.14).

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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