USD/CAD regains 1.3400 and beyond

The upside momentum in the buck has now pushed USD/CAD to fresh daily highs near 1.3440 ahead of US data.

USD/CAD attention to oil, data

The pair has managed to regain the 1.3400 handle and clinch session highs in the 1.3430 area in response to the persistent upside pressure around the greenback as market participants continue to digest the recent political events in the US economy.

The softer tone in crude oil prices is prompting the barrel of West Texas Intermediate to alternate gains with losses above the $45.00 mark, adding some selling bias to CAD.

On the data front, Canadian New Housing Price Index is due along with the usual weekly report on US labour market Initial Claims followed by the speech by St. Louis Fed J.Bullard (voter, centrist).

USD/CAD significant levels

As of writing the pair is up 0.08% at 1.3435 and a break above 1.3526 (high Nov.9) would open the door to 1.3575 (50% Fibo of the 2016 drop) and finally 1.3839 (61.8% Fibo of the 2016 drop). On the other hand, the next support lines up at 1.3315 (20-day sma) followed by 1.3260 (low Nov.9) and then 1.3189 (55-day sma).

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