USD/CAD clinches 2-week peaks near 1.3440

The selling pressure around the Canadian Dollar stays unabated so far this week, now pushing USD/CAD to fresh tops in the 1.3440 region.

USD/CAD attention to US releases

The pair is advancing for the second session in a row on Wednesday, posting 2-week highs and trading at shouting distance from April’s top at 1.3457 seen at the beginning of the month.

The poor performance from the Canadian money markets, particularly yields in the shorter end of the curve keep weighing on CAD, as they stay around YTD lows while widening at the same time the spread vs. their American peers.

Data wise today, the weekly report on crude oil inventories by the EIA is due later in the NA session along with the speech by Boston Fed E.Rosengren (2019 voter, hawkish) and the Fed’s Beige Book.

In Canada, the most salient event will be the release of inflation figures for the month of March, scheduled for Friday.

USD/CAD significant levels

As of writing the pair is gaining 0.43% at 1.3439 facing the immediate resistance at 1.3457 (high Apr.4) followed by 1.3496 (high Mar.14) and then 1.3536 (2017 high Mar.9). On the other hand, a breakdown of 1.3382 (low Apr.19) would open the door to 1.3360 (20-day sma) and finally 1.3260 (low Apr.17).