USD/CAD deflates from highs post-Trade balance

The greenback is giving away some pips vs. its Canadian neighbour on Tuesday, sending USD/CAD a tad lower from recent daily highs around 1.3450.

USD/CAD upside halted near 1.3450

The strong upside momentum in the pair seems to have run out of vigour ahead of 1.3450 despite US trade deficit shrunk to $43.6 billion in February from January’s $48.2 billion deficit.

In Canada, trade balance figures showed a nearly $1 billion deficit during the same period, reverting January’s $0.42 billion surplus.

USD/CAD significant levels

As of writing the pair is gaining 0.46% at 1.3446 facing the next hurdle at 1.3496 (high Mar.14) followed by 1.3517 (high Mar.10) and then 1.3536 (2017 high Mar.9). On the flip side, a break below 1.3375 (low Apr.4) would aim for 1.3292 (100-day sma) and finally 1.3251 (50% Fibo of the 2017 upside).