USD/CAD upside still capped around 1.3400

The Canadian dollar is alternating gains with losses vs. its American peer on Thursday, with USD/CAD now staying almost unchanged around 1.3380.

USD/CAD attention to US docket

The pair is looking to extend the weekly positive streak for another session today, although a test and potential surpass of the critical barrier at 1.3400 the figure still remains elusive.

Furthermore, the ongoing correction in crude oil prices continues to weigh on CAD, with the barrel of West Texas Intermediate currently gaining smalls despite yesterday’s decrease in US crude oil supplies, as reported by the EIA.

On the US data front, Initial Claims are due along with Durable Goods Orders and Pending Home Sales ahead of tomorrow’s advanced GDP figures for the third quarter.

USD/CAD significant levels

As of writing the pair is gaining 0.03% at 1.3384 and a breakout of 1.3398 (high Oct.24) would open the door to 1.3575 (50% Fibo of the 2016 drop) and finally 1.3839 (61.8% Fibo of the 2016 drop). On the flip side, the immediate support aligns at 1.3224 (20-day sma) ahead of 1.3138 (200-day sma) and then 1.3002 (low Oct.19).