USD/CAD deflates from highs, around 1.3200 on data

The greenback keeps the upbeat tone unchanged vs. its Canadian peer on Thursday, with USD/CAD hovering over the 1.3200 handle.

USD/CAD offered after data

Spot has accelerated its correction lower after a bout of buying pressure pushed the barrel of West Texas Intermediate above the critical $50.00 mark, lending extra legs to CAD.

Still in Canada, Building Permits jumped more than 10% on a monthly basis in August, surpassing prior surveys.

On the US data front, Initial Claims have risen by 249K during the week ended on September 30, taking the 4-Week Average to 253.50K.

Looking to Friday’s calendar, US Non-farm Payrolls are expected to come in at 172K for the month of September and the jobless rate is seen unchanged at 4.9%. In Canada, labour market figures are also due tomorrow along with the speech by Senior Deputy Governor C.Wilkins and the BoC’s Business Outlook Survey.

USD/CAD significant levels

As of writing the pair is up 0.19% at 1.3203 facing the next resistance at 1.3276 (high Sep.27) ahead of 1.3311 (38.2% Fibo of the 2016 drop) and finally 1.3575 (50% Fibo of the 2016 drop). On the other hand, a breach of 1.3149 (20-day sma) would open the door to 1.2996 (low Sep.22) and then 1.2818 (low Sep.7).