USD/CAD clings to gains near 1.3500

USD/CAD advanced to fresh 5-day high during the New York session, as better-than-expected US data lifted the greenback across the board amid expectations of a Fed’s rate hike next month.

USD/CAD extended gains into a second day and reached a peak of 1.3516 before easing slightly as the loonie was supported by a rise in oil prices. The pair was last trading at 1.3485, still up 0.4% on the day.

US data showed, orders for durable goods in the rose 4.8% to a seasonally adjusted $239.4 billion in October This was the fastest pace in a year and came above the 1.5% increase expected by analysts. September's orders were revised to a 0.4% gain from a previously estimated decline.  

USD/CAD levels to consider

In terms of technical levels, next resistances are seen at  1.3525 (Nov 17 high), 1.3564 (Nov 18 high) and 1.3589 (Nov 14 high). On the other hand, supports could be faced at 1.3423 (Nov 23 low), 1.3377 (Nov 22 low) and 1.3287 (50-day SMA).

To learn more about this topic, check our video analysis:

USD-CAD from Tip TV Productions on Vimeo.