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USD/CAD flirting with 1.3400 on data

FXStreet (Edinburgh) - The greenback is losing some its initial shine vs. its Canadian neighbour on Tuesday, sending USD/CAD to test sub-1.3400 levels.

USD/CAD keeps the range near 1.3400

The pair is meandering a tight range today, paying little attention to the wider than expected trade deficit in the US economy during August, coming in at $67.19 billion vs. July’s $59.1 billion.

Second tier data in Canada showed Industrial Product Prices contracting 0.3% MoM during last month, while Raw Material Price Index dropped 6.6% during the same period.

Ahead in the session, CB’s Consumer Confidence and the S&P/Case-Shiller index are due.

USD/CAD levels to consider

The pair is now up 0.05% at 1.3402 with the next hurdle at 1.3433 (high Sep.29) followed by 1.3495 (high Jun.29 2004) and then 1.3500 (psychological level). On the flip side, a break below 1.3387 (low Sep.29) would open the door to 1.3303 (low Sep.25) and finally 1.3233 (low Sep.23).

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