USD/CAD clinches highs near 1.3480 on US GDP

Positive results from the US docket have sent USD/CAD to the upper end of the daily range near 1.3480.

USD/CAD stronger on data

Spot has quickly climbed to the area of daily highs near 1.3480 after another revision of the US GDP showed the economy is expected to growth at an annual pace of 3.2%, beating initial estimates.

On the Canadian side, Current Account deficit during the third quarter shrunk to $18.3 billion.

Adding to CAD offered tone, the barrel of West Texas Intermediate is now accelerating the downside, shedding more than 3% to the area of $45.40 ahead of the critical OPEC meeting tomorrow.

Further US data are expected later in the session, including Conference Board’s Consumer Confidence, the S&P Case-Shiller index and speeches by NY Fed W.Dudley (permanent voter, neutral) and J.Powell (permanent voter, neutral).

USD/CAD significant levels

As of writing the pair is gaining 0.38% at 1.3458 and a break above 1.3566 (high Nov.18) would aim for 1.3575 (50% Fibo of the 2016 drop) and finally 1.3590 (high Nov.14). On the flip side, the immediate support aligns at 1.3374 (low Nov.22) ahead of 1.3311 (38.2% Fibo of the 2016 drop) and finally 1.3260 (low Nov.9).