USD/CAD edges higher near 1.3240, session peaks

The greenback keeps its upbeat tone on Tuesday, now lifting USD/CAD to the area of daily highs near 1.3240.

USD/CAD focus on BoC, Fed, oil

The pair has rebounded from Monday’s troughs in the 1.3130 area, up over a cent to today’s peaks in the proximity of 1.3240 area ahead of today’s speech and subsequent press conference by BoC’s S.Poloz.

In addition, the weekly report on US crude oil stockpiles by the API is also due later in the NA session, with the barrel of West Texas Intermediate now shedding more than 1% to the $43.30 region and weighing on CAD.

In the US data, Housing Starts and Building Permits are also due ahead of the FOMC gathering on Wednesday.

USD/CAD significant levels

As of writing the pair is up 0.17% at 1.3226 facing the next hurdle at 1.3249 (high Sep.16) followed by 1.3253 (high Jul.27) and finally 1.3311 (38.2% Fibo of the 2016 drop). On the other hand, a breakdown of 1.3042 (base of the 4-month rising channel) would aim for 1.2991 (100-day sma) and then 1.2827 (low Sep.6).