USD/CAD extends the upside near 1.3570

The greenback is pushing higher at the beginning of the week, now lifting USD/CAD to fresh multi-month tops near 1.3570.

USD/CAD boosted by Trump, oil drop

The pair is advancing for the fifth consecutive session so far, exclusively propped up by the ongoing upside momentum around the buck while declining crude oil prices are also collaborating with the bull run.

In fact, prices for the barrel of West Texas Intermediate remain depressed in the low-$43.00s as supply glut concerns seem to have re-emerged ahead of the critical OPEC meeting in Vienna at the end of the month.

Adding to the pair’s upside, US-CA 2-year yields spread differential continue to favour the greenback along with the already divergence in monetary policy between the Federal Reserve and the Bank of Canada.

Later in the day, speeches by Dallas Fed R.Kaplan (2017 voter, neutral), Richmond Fed J.Lacker (2018 voter, hawkish) and San Francisco Fed J.Williams (2018 voter, neutral) should keep the attention on the dollar in an otherwise empty docket.

USD/CAD significant levels

As of writing the pair is advancing 0.15% at 1.3562 facing the next up barrier at 1.3575 (50% Fibo of the 2016 drop) ahead of 1.3839 (61.8% Fibo of the 2016 drop). On the other hand, a breach of 1.3506 (low Nov.14) would open the door to 1.3382 (20-day sma) and then 1.3311 (38.2% Fibo of the 2016 drop).