USD/CAD keeps gains above 1.3200, OPEC eyed

The better tone in the greenback is helping USD/CAD to keep daily gains and stay above the 1.3200 handle for the time being.

USD/CAD looks to data, Fedspeak

Choppy week so far for the pair, which is now recovering part of yesterday’s pullback against the backdrop of a renewed buying bias around the buck.

An unexpected draw in US crude stockpiles during last week as reported by the API on Tuesday failed to ignite some sentiment around crude oil prices, as traders remain wary of the potential outcome at today’s OPEC meeting.

Very interesting day ahead in the US calendar, as Durable Goods Orders are due ahead of the EIA’s weekly report on crude inventories along with a slew of Fed speakers: .J.Bullard (voter, neutral), C.Evans (voter 2017, dovish) and L.Mester (voter, hawkish and one of the triple dissenters at the last FOMC meeting), all ahead of the testimony by Chief J.Yellen.

Regarding speculative positioning, CAD net longs have been trimmed a tad during the week ended on September 20 while Open Interest climbed to the highest level since mid-June.

USD/CAD significant levels

As of writing the pair is gaining 0.06% at 1.3207 and a break above 1.3276 (high Sep.27) would open the door to 1.3311 (38.2% Fibo of the 2016 drop) and finally 1.3575 (50% Fibo of the 2016 drop). On the other hand, the immediate support lines up at 1.2996 (low Sep.22) ahead of 1.2818 (low Sep.7) and then 1.2759 (low Aug.18).