USD/CAD climbs to session highs

FXStreet (Edinburgh) - The greenback is picking up pace against its neighbour on Tuesday, taking the USD/CAD to print weekly highs near 1.0900 the figure.

USD/CAD eyes on Fedspeak

Spot is partially recovering last week’s deep pullback to the area of 1.0850, currently aiming for the 1.0900 handle as sentiment around the greenback is gathering steam. In the data front, Canadian Wholesale Sales are due for the month of March while speeches by Fed’s Plosser and Dudley will take centre stage in the European evening. “The range ceiling at 1.0901 on the daily chart is not that far away—though we rather think that markets will look for a push through the mid-month high at 1.0925 as the cue to add or rebuild longs. Support is 1.0855 and 1.0818”, noted Shaun Osborne, Chief FX Strategist at TD Securities.

USD/CAD relevant levels

The pair is now advancing 0.11% at 1.0887 with the next resistance at 1.0934 (Kijun Sen) followed by 1.0961 (high May 6) and finally 1.0980 (21-w MA). On t he downside, a break below 1.0814 (low May 8) would open the door to 1.0762 (low Jan.8) and then 1.0737 (high Dec.20).