USD/CAD advances towards 1.3270

By FXStreet FXStreet (Edinburgh) – The greenback is now gathering traction vs. its Canadian peer, with USD/CAD challenging session tops near 1.3270.

USD/CAD focus on US data, oil

Another drop in crude oil prices is weighing on the Canadian dollar at the end of the week, helping spot to escalate further towards the upper bound of the arrange near 1.3270.

With the BoC meeting out of the way, the next risk event facing the pair will be the FOMC gathering on Wednesday, with speculations on the September rate hike by the Fed taking centre stage.

Next on tap, US Producer Prices and Investor Confidence gauged by the Reuters/Michigan index are due. Consensus expects the preliminary reading of the index to come in at 91.2 in September.

USD/CAD levels to consider

At the moment the pair is up 0.07% at 1.3260 with the next support at 1.3154 (low Sep.9) followed by 1.3116 (low Aug.31) and then 1.3156 (low Aug.21). On the upside, a break above 1.3290 (high Sep.10) would open the door to 1.3310 (high Sep.8) and finally 1.3327 (high Aug.31).
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Source:: FX Street