USD/CAD has been supported above 1.2900 – RBC CM

Elsa Lignos, Senior Currency Strategist at RBC Capital Markets, suggests that the USD/CAD has been supported above 1.2900 in response to broad-based USD strength as well as weaker crude oil prices on the back of EIA data that showed an unexpected build in inventories.

Key Quotes

“While second-tier in nature, today’s August CFIB Business Barometer release will garner some cursory attention, as it tends to correlate well with business investment intentions. Support is located at 1.2896 and 1.2859, with resistance at 1.2997 and 1.3084.”