USD/CAD around 1.3350 on data, API on sight

The greenback is now picking up extra pace vs. its Canadian neighbour, lifting USD/CAD to the mid-1.3300s after US releases.

USD/CAD deflates from 1.3400

After hitting fresh highs in the boundaries of 1.3400 the figure during overnight trade, spot shed some ground and has returned to the 1.3350 area although its remains well bid against the backdrop of generalized USD-buying.

Adding to CAD selling bias, the barrel of West Texas Intermediate is losing its early smile, now dropping to daily lows in the $50.30/20 band ahead of the weekly report on crude stockpiles by the API due later in the NA session.

Data wise in the US docket, the S&P/Case-Shiller index has expanded at a seasonally adjusted 5.1% on a year to September, surpassing prior surveys and lending extra oxygen to USD.

Next on tap will be US October’s Consumer Confidence gauge tracked by the Conference Board, expected to ease to 101.1 from September’s 104.1.

USD/CAD significant levels

As of writing the pair is up 0.48% at 1.3352 with the next hurdle at 1.3398 (high Oct.24) ahead of 1.3575 (50% Fibo of the 2016 drop) and finally 1.3839 (61.8% Fibo of the 2016 drop). On the other hand, a breakdown of 1.3197 (20-day sma) would open the door to 1.3148 (200-day sma) and then 1.3002 (low Oct.19).