6 July 2016, 17:57  USD/CAD stops ay daily highs

The upside momentum in the greenback is now picking up pace, lifting USD/CAD to the area of daily highs in the mid-1.3000s. The pair’s upside is propped up by the incipient buying interest around the buck, which has gathered extra legs after US ISM Non-manufacturing has surpassed estimates for the month of June. Collaborating with CAD offered tone, the barrel of West Texas Intermediate is hovering over session lows around the $46.00 mark. Next on tap will be the FOMC minutes. Consensus amongst traders sees the Committee’s tone tilted to the dovish side, although its impact on USD could be minor. As of writing the pair is up 0.53% at 1.3051 and a break above 1.3121 (high Jun.27) would open the door to 1.3191 (high May 24) and then 1.3314 (200-day sma). On the other hand, the immediate support aligns at 1.2898 (20-day sma) followed by 1.2827 (low Jul.4) and finally 1.2674 (low Jun.23).

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